The Internal Revenue Service (IRS) issued guidance implementing the President’s executive order 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.
08-31-2020 President Trump signed a memorandum directing the Treasury Department to defer payroll taxes from September 1 through the end of the year for those earning under $4,000 (pre-tax) during any bi-weekly pay period (or $96,000/year). Other executive actions, which come amid an impasse on agreeing to additional coronavirus relief between the Administration and congressional Democratic leaders, include allowing a $400 federal unemployment benefit add-on; providing assistance to renters and homeowners regarding evictions; and suspending student loan payments.
08-10-2020 The Senate approved 96-0 the approximately $2 trillion "Phase III" stimulus bill known as the CARES Act. The House is expected to pass the bill by today after which the […]
03-27-2020