The Aug. 28, 2020 release of IRS Notice 2020-65 provides guidance on the Presidential Memorandum to defer the withholding, deposit, and payment of the employee share of Social Security tax. While the deferral may be appealing to eligible employees, there are potential implications and risks for businesses.
Some details regarding the guidance:
The guidance leaves open questions, however, including the impact on third-quarter filing and how employers will collect and remit the deferred payments. Dialogue continues between the AICPA, the National Payroll Reporting Consortium and government agencies regarding outstanding questions.
We live in a fast-paced society in complex times. Few decisions are simple and easy, and a wrong choice can be costly. Proper planning and on-going consultations with a qualified and licensed CPA, can often lead to better results. Whether it’s deciding on a capital expenditure for your business or setting up a retirement plan, we’re here to help.
Our clients benefit from our year-round availability to help them with their tax preparation & planning, accounting & financial reporting, and a multitude of advisory matters.
David McIntee, CPA (N.C. license #32629)
After hours appointments are available to accommodate your schedule, including evenings and Saturdays during the tax filing season.
400 Millstone Dr, Suite 202, Hillsborough, NC 27278
08:30 am – 05:00 pm
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