IRS Issues Guidance to Implement Presidential Memorandum Deferring Certain Employee Social Security Tax Withholding
The Department of Treasury and the Internal Revenue Service recently released guidance 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 […]
Millions of Taxpayers Receive a Tax Refund Interest Payment
IRS Tax Update: In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS issued most of the payments separately from tax refunds. Most taxpayers […]