Payroll Tax Memo: Deferring Payroll Tax Obligations in Light of the Ongoing Pandemic

JEH Headshot Photo 2017 (M1147148xB1386)By: Joe Hunt

On August 8, President Trump signed an executive order, the Payroll Tax Memo, which seeks to defer the due date for the employee portion of federal payroll taxes, originally due September 1, 2020, until December 31, 2020.

Under the Payroll Tax Memo, employers are allowed (but not required) to defer payment of the employee portion of the payroll taxes noted above with respect to workers who earn less than $4,000 (pre-tax) on a biweekly basis – or approximately $104,000 annually.

To learn more about the Payroll Tax Memo, please read our full client alert.