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Child Tax Credit Information (7/14/2021)
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Payroll and Business Provisions of the American Rescue Plan Act (4/1/2021)
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Deductibility of Business Meals Provided by Restaurants in 2021 and 2022 (1/12/2021)
2020 Covid Relief Bill Provisions Affecting Individual Taxpayers (1/12/2021)
New Law's Tax Provisions That Affect Businesses (1/12/2021)
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+ President Trump's Payroll Tax Deferral Executive Order
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Tax Deadlines Extended to July 15
Coronavirus Aid, Relief, and Economic Security (CARES) Act - Individual Provisions
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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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