
IRS Issues Guidance on Presidential Memo Deferring Payroll Taxes
The IRS and Treasury Department issued Notice 2020-65 providing guidance on the employee payroll tax deferral contained in President Trump’s August 8 memorandum. Under this memo, the Secretary of the Treasury was directed to postpone the collection of the employee portion of the 6.2% Social Security tax for the period of September 1, 2020, through December 31, 2020.