September 8, 2020
Executive summary on the employee Social Security tax deferral
On August 28, 2020, the IRS responded in Notice 2020-65 to a Presidential Memorandum (executive order) by allowing employers to defer the 6.2% employee share of Social Security and the comparable Railroad Retirement tax for certain employees from September 1, 2020, to December 31, 2020.
In the attached PDF file, we provide an executive summary of this IRS guidance, the aspects of this deferral program that are currently uncertain and employer considerations.
We will be updating this executive summary periodically to include future developments.
You can read more details about the employee Social Security deferral program in our alert here.
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