There have been many questions about President Trump’s Executive Order on Payroll Tax Deferral, issued in August. That order used existing statutory authority to defer, but not cancel, the withholding of employee’s social security payroll tax for the period September 1 to December 31, 2020,. It would provide temporary relief to employees that are “generally” paid up to $4,000 biweekly, or $104,000 per year. While the order instructed the Treasury Department to consider options for cancelling these deferred withholdings, no statue, rule or order has been issued doing so.. The IRS has issued implementation guidance, available here. https://www.irs.gov/pub/irs-drop/n-20-65.pdf. Key points from the Executive […]

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