Lane Business Solutions LLC

Year end is quickly approaching

New twists in year-end tax planning COVID-19, the election and much more all need to be taken into account.

This is not mandatory for an employer. It is just a deferral and will
need to be paid.

Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding | Internal Revenue Service IR-2020-195, August 28, 2020 — The Department of Treasury and IRS today issued 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 ...