Late on Friday, August 28, 2020, the IRS issued Notice 2020-65 providing highly anticipated guidance addressing the Presidential Executive Order regarding the deferral of certain payroll tax obligations. Unfortunately, the notice failed to address the most basic issues raised by the Executive Order. Today we will discuss what we know, what questions remain, and practical considerations for employers. Implementation of the deferral begins September 1, 2020 – yes, tomorrow.
On August 8, 2020, the President issued an Executive Order via a memorandum to the Secretary of the Treasury directing him to use his authority to postpone the collection of tax during national disasters toRead More