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On Aug. 8, 2020, President Donald Trump ordered the U.S. Department of Treasury to defer collecting certain payroll taxes from wages earned between Sept. 1 and Dec. 31, 2020.
On Aug. 28, 2020, the Internal Revenue Service (IRS) issued Notice 2020-65 (the Notice) to provide guidance for affected employers. Employer participation in these deferrals is permitted, but not required. The Notice releases employers from their obligation to collect and pay payroll Social Security taxes for individuals who receive applicable wages, defined as compensation that is less than $4,000 for a biweekly pay period, or “the equivalent threshold amount with respect to other pay periods.” Employers must determine whether applicable wages exist every pay period between Sept. 1 and Dec. 31, 2020.
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We will continue to share information as it becomes available and keep you informed.
Ryan Laude is a Client Advisor at Gulfshore Insurance specializing in employee benefits. Ryan works with a wide range of businesses to create the best funding options that fit their needs. Comments and questions are welcome at rlaude@gulfshoreinsurance.com