IRS issues first notice re: Payroll Tax Deferral

IRS issues first notice re: Payroll Tax Deferral

The Payroll Tax Deferral option went into effect this past Tuesday, September 1. Last Friday, the IRS issued its first notice re: details on the program. While a few questions have been answered, several still remain.

The U.S. Chamber of Commerce has provided this analysis (US Chamber Analysis Payroll Tax Deferral) to help members understand the current guidance. Please talk with your accountant for information specific to your business needs. If you choose to defer payroll taxes for your employees, please be sure to share with them that the potential exists for these taxes to be doubled for 4 months starting in January.

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