On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury (Secretary) to use his authority pursuant to section 7508A of the Internal Revenue Code (Code) to defer the withholding, deposit, and payment of certain payroll tax obligations.
Many businesses as well as employees have expressed confusion as to what this means. It is clear that this is a deferral and NOT a forgiveness.
We have gathered a few resources that may help clarify what employers can and cannot do regarding the deferral. These links are not meant to replace legal or financial advice from your accountant and/or legal advisor.
