You may have heard that the president’s executive order for a payroll tax deferral went into effect on Sept. 1, 2020. This order states that from September 1st to the end of the year employees can defer payment on their Social Security Tax that is taken out of your paycheck. To start, it’s not mandatory, and
employees still owe the deferred money. During the first part of next year, employees will have to repay the amount deferred to the IRS no later than April 30, 2021. Get the ins and outs of how the tax deferral will work, and how it may affect you and your clients.