The Department of the Treasury, in conjunction with the Internal Revenue Service released guidance on the payroll tax deferral executive order from President Trump last Friday. What We Know In layman's terms, this new guidance defines the following: It allows...
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Guidance Issued To Implement Presidential Memorandum Deferring Certain Employee Social Security Tax Withholding
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...
Keep Economic Impact Payment Notice with Other Tax Records
People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that...