• The Benefits and Concerns of the Payroll Deferral Program

    The Benefits and Concerns of the Payroll Deferral Program

    On August 8, President Donald Trump issued an administrative order enabling organizations to defer payment and withholding of some specific worker servings of Social Security taxes. Approximately three weeks afterward, the IRS (Internal Revenue Service) and the Department of the Treasury issued Notice 2020-65, which executed the administrative order. In this article, let us consider the Payroll Deferral Program on the big picture.Deferral is Optional for OrganizationsOrganizations may choose to defer the payment, deposit, and withholding of some workers’ Social Security tax of 6.2% for wages paid within September 1, 2020, and... Read More