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:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) 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 at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. 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 Advising your clients on repaying deferred payroll taxe… Tax Law and News IRS provides guidance for employers claiming the Employ… Tax Law and News IRS and U.S. Treasury Issue Proposed Regulations Updati… Tax Law and News CARES Act allows employers to defer employer portion of… Tax Law and News How to Help Your Small Business Clients Stay on Top of … Tax Law and News IRS provides guidance for employers claiming the Employ… Tax Law and News IRS issues guidance on taxability of dependent care ass… Tax Law and News February 2021 tax and compliance deadlines Tax Law and News New law extends COVID-19 tax credit for employers who k… Tax Law and News IRS Unveils Proposed W-4 Design for 2020
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!
