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

On August 8, 2020, President Trump signed an executive memorandum (the “Payroll Tax Memo”) with the subject of “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The Payroll Tax Memo seeks to defer the due date for the employee portion of federal payroll taxes – 6.2% for Social Security and 1.45% for Medicare – originally due September 1, 2020, until December 31, 2020.

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