Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding
Guidance issued to implement Presidential Memorandum
deferring
certain employee Social Security tax withholding
IR-2020-195, Aug. 28, 2020
WASHINGTON – The Department of Treasury and Internal Revenue Service today issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020, allowing
employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount.
Notice 2020-65, posted today on IRS.gov, makes relief available for employers and generally
applies to wages paid starting Sept. 1, 2020, through Dec. 31, 2020.
The employee Social Security tax deferral may apply to payments of taxable wages to an
employee that are less than $4,000 during a bi-weekly pay period, with each pay period
considered separately. No deferral is available for any payment to an employee of taxable
wages of $4,000 or above for a bi-weekly pay period. Today’s notice postpones the time for employers to withhold and pay employee Social Security taxes. Additional tax relief related to the COVID-19 pandemic can be found on IRS.gov.
Follow/Friend/Like Us On Facebook, Instagram
Want to be mentioned, highlighted and supported through our social media platforms? Like and follow us! We can't link your business to our site if we aren't friends! Join today and let us help grow your business! Please click or cut and paste these links into your web browser!
The Buckeye Valley Chamber of Commerce Board of Directors has voted to oppose Proposition 208
because of the hardship it could cause small businesses. However, the opposition’s media blitz is
misleading in the fact that they do not state that the income level of $250,000 (for individuals) and
$500,000 (for couples) is a net amount, not a gross amount.
Join Brian Wright every week for "Community Talks" These weekly sessions held via Facebook LIVE (Citadel of Praise, AZ) are designed to foster positive community engagement and sharing of information during these very difficult times. To engage both elected and civic leaders in discussion to give perspective, answer questions and provide an opportunity for transparency.
Bowls of Hope
Food Pantry 2 Go
BUCKEYE VALLEY CHAMBER OF COMMERCE
Chamber is Open
Temporary hours for the Chamber are 9am-2pm, Monday through Thursday. Masks are required to enter the building. All groups that use our conference rooms, must adhere to no more than 10 people, social distance and wear masks. Safety Rules Must Be Followed.
Download our Mobile App Today!
Did you know we have a mobile app? It’s a free, easy to use, and very helpful resource for Buckeye residents and businesses! You can find it in your App Store!
