President Trump's Payroll Tax Deferral Executive Order

On August 8, 2020, President Trump signed a Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount.  Late Friday afternoon, August 28, Notice 2020-65 was issued by the IRS providing guidance on the implementation of this Presidential Memorandum.  The issued guidance is vague and we do not know if additional guidance will be forthcoming, so it is open to interpretation as to whether employer’s must offer this payroll tax deferral or not.  Additional information regarding Notice 2020-65 can be found on the IRS website.

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