Guidance Issued to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding

The Department of Treasury and the Internal Revenue Service issued guidance on implementing the Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security taxes if the employee’s wages were below a certain amount. Notice 2020-65 is posted on makes relief available for employers for some wages paid between September 1, 2020 and December 31, 2020.

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