Tax Law and News Guidance issued on employer deferral of withholding and payment of Social Security tax Read the Article Open Share Drawer Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Share on LinkedIn (Opens in new window) LinkedIn Written by Intuit Accountants Team Modified Sep 3, 2020 1 min read The U.S. Department of the Treasury and the IRS recently issued guidance on implementing the presidential memorandum issued on August 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 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. The notice also postponed 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. For more information, visit the Intuit® Accountants COVID-19 Resource Center, as well as Intuit Tax Pro Center’s articles on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Previous Post IRS provides tax breaks for recent disasters Next Post How coronavirus legislation benefits affect your clients’ 2020 tax returns Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us online or follow us on X, Instagram, Facebook, and LinkedIn. More from Intuit Accountants Team 2 responses to “Guidance issued on employer deferral of withholding and payment of Social Security tax” I need information on FFCRA and how to set up on Quickbooks Desktop Enterprise Edition. Also how to show payroll reports that show the credit???? Hi Michelle, More information about FFCRA can be found at: https://quickbooks.intuit.com/learn-support/en-us/tax-credits-and-deductions/ffcra/00/517349. For product support, please visit the QuickBooks support page: https://quickbooks.intuit.com/learn-support/. Thank you! Browse Related Articles Tax Law and News Key tax dates and to-do-list: June 2026 Advisory Services Tax clients want a CFO; here’s how to serve as one Workflow tools Best tax software for firms with advanced compliance Workflow tools New firm? 4 must-haves for your tax software Advisory Services Making advisory work, even If you’ve struggled before Workflow tools Tech stack 101 for tax firms Workflow tools How to safely switch from desktop to the cloud Practice Management Intuit® Tax Council Applications open until May 31 Workflow tools More volume, more problems? Not with the right software Advisory Services How to turn tax law changes into advisory opportunities
I need information on FFCRA and how to set up on Quickbooks Desktop Enterprise Edition. Also how to show payroll reports that show the credit????
Hi Michelle, More information about FFCRA can be found at: https://quickbooks.intuit.com/learn-support/en-us/tax-credits-and-deductions/ffcra/00/517349. For product support, please visit the QuickBooks support page: https://quickbooks.intuit.com/learn-support/. Thank you!