Employers Should Await Treasury Department Guidance on President’s Payroll Tax Memorandum

Confused about how to implement President Trump’s Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster? You’re not alone. The Memorandum defers the employee portion of the Social Security tax from September 1 through December 31. It does not say how long the deferment lasts, and employees will still be liable for the taxes unless some action is taken to eliminate those taxes. In short, the best approach is to await guidance from the Treasury Department before taking any action. To read more about the questions left unanswered click here.