Update: Executive Memorandum
on Deferring Payroll Taxes
August 24th, 2020 –
On August 8th, 2020, the President issued an Executive Memorandum allowing employees who make less than $104,000.00 a year to defer their payroll taxes starting September 1 through the end of 2020.
We – along with the rest of the business community – are awaiting guidance from the Treasury Department to implement this memorandum. At issue, are the future liability of unpaid payroll taxes as well as voluntary participation.
With less than one week left before the memorandum goes into effect, we are all waiting for the Treasury to issue guidance on how the payroll tax deferral will work. We of course will let you know as soon as that happens.