IRS Issues Employee Payroll Tax Deferral Guidance
Recently, the IRS released guidance that implements President Trump’s executive order permitting employers to defer certain employee payroll taxes. The IRS guidance provides key details on employee eligibility, the repayment period, and employer responsibilities. But the IRS guidance leaves some questions unanswered, even as the optional deferral period takes effect September 1. Importantly, the IRS guidance could cause an economic hardship for many employees while exposing employers to a new contingent liability.
Read the full article here to learn more, including:
- Specifics of the employee payroll tax deferral
- Repayment of the deferred employee payroll taxes
- CBIZ observations on IRS guidance