The IRS released Form 941 instructions and instructions to Schedule B for the second, third and fourth quarters of 2020 in late June. Several issues have now arisen with the deferral of the employer’s 6.2% share of Social Security taxes. Designating Deferrals Although...
Tax Deferral
Federal Employees Can’t Opt Out of Payroll Tax Deferral, Agency Says
Editor’s note: This story was updated on Wednesday, Sept. 2 at 5 p.m. with additional statements from the National Treasury Employees Union, which is requesting more details from the Office of Management and Budget about upcoming payroll tax deferral plans. The...