News & Events

We published last week that we were still awaiting guidance for the Payroll Tax Deferral and that guidance was released late Friday. The Presidential Memorandum for deferring the employee portion of Social Security becomes effective tomorrow, September 1st. Limited guidance was released late on August 28th. Highlights are noted below: Employers have the option to defer the withholding and payment of the employee’s portion of Social Security tax on wages paid from September 1, 2020 through December 31, 2020. Determination of applicable wages is to be made on a per pay period basis. Deferral applies to any employee whose pretax wages or compensation are less than the following amounts per applicable pay period. Biweekly - Read More...