Executive order to enact a payroll tax cut
Should employees be notified even though the IRS has not released regulation/guidance?
Last week, President Trump Issues Executive Order To Create Temporary Payroll Tax deferral September through the end of the year for employees making less than $104,000 per year and for paying it back later. Also there is a plan to forgive these taxes, however, that is not assured.
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How can an employer deal with this . What happens if the employee leaves , who is responsible for paying the tax
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On Friday August 28 the IRS release guide https://www.irs.gov/pub/irs-drop/n-20-65.pdf and there are a lot of items not clarified, can employees/employers opt-out/opt-in, employers are responsible for withholding and paying back any deferred taxes; what happen when employee leaves and no pay is due. How will it be reported on the W-2 and other details.
Is anyone implementing the Payroll Tax Deferral without any additional guide from the IRS?
Do you start notifying employees?