2020 – 09/08 There are concerns NOT covered by the recent IRS guidance on the optional payroll tax deferral. The IRS issued Notice 2020-65 regarding the postponement of withholding and remittance of the employee’s share of Social Security taxes as permitted in an Aug. 8 executive action from President Trump. Only employees under a certain income threshold qualify. However, the guidance doesn’t address concerns, such as: How does an employer collect taxes from a terminated employee? Can increased take-home pay be used for 401(k) loan repayments, garnishments, child support payments, etc.? And how will postponed amounts be reported on the 2020 Form W-2? Contact us about whether, and how, to proceed.
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