IRS Releases Guidance for Deferral of Employee Social Security Tax Withholding

The Department of Treasury and IRS recently issued Notice 2020-65, implementing President Trump’s August 8 Executive Order, regarding the deferral of withholding and payment of the employee portion of the Social Security tax. The Executive Order permits the deferral of employees’ portion of Social Security tax from September 1, 2020 through December 31, 2020, for employees earning less than $4,000 during a bi-weekly period. Click here to read more about the potential liability for employers who agree to defer employee’s withholding during this period.