News & Analysis as of

U.S. Treasury Trump Administration Coronavirus/COVID-19

Ropes & Gray LLP

2025 Tax Legislation Update: One Big Beautiful Bill Act Narrowly Passes Senate

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The “One Big Beautiful Bill Act” (the “BBB”) was passed by the U.S. House of Representatives on May 22, 2025 (such version, the “House Bill”) as part of the Republican Congress’s reconciliation package. The BBB generally...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Roetzel & Andress

President Biden’s Executive Orders: Impact On Employee Benefits And Healthcare

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In the opening days of his administration, President Biden has signed a flurry of Executive Orders impacting multiple sectors of the U.S. economy. This article summarizes the Orders that impact employee benefits and...more

Robins Kaplan LLP

Financial Daily Dose 12.2.2020 | Top Story: Treasury, Fed Paint Divergent Views of Economic Recovery

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Tuesday’s Senate Committee hearing with Fed Chair Powell and Treasury Secretary Mnuchin showed the growing rift between the two over their views of “challenges facing the United States economy in the months ahead.” ...more

Morrison & Foerster LLP

Hong Kong In The Crosshairs: Secretary Of State Submits Hong Kong Autonomy Act Report To Congress, Paving Path For Secondary...

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On Wednesday, October 14, 2020, the U.S. Department of State (“State”) submitted a report to the U.S. Congress, as required under section 5(a) of the Hong Kong Autonomy Act (“HKAA”), identifying foreign persons materially...more

Robins Kaplan LLP

Financial Daily Dose 10.2.2020 | Top Story: Covid-Infected POTUS Injects Volatility to Skittish Global Markets

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Markets globally and U.S. futures are down as investors digest the news out of D.C. overnight... Jobs Report Friday again. Here’s what we’re watching for in the numbers....more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – September 2020 # 12

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In Washington - House Democrats postponed a planned Tuesday to vote on a bill to keep the government funded through 11 Dec. as talks resume with Republicans and the Trump administration....more

Laner Muchin, Ltd.

IRS Issues Guidance on President Trump’s Payroll Tax Deferral Executive Order

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On August 8, 2020, President Trump issued an Executive Order to the Secretary of Treasury directing the Department to defer the obligation of employers to withhold, deposit, and pay the employee share of Social Security...more

Morgan Lewis

IRS Notice 2020-65 Provides Guidance on Deferring Employee Social Security Taxes

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The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing...more

Nutter McClennen & Fish LLP

Treasury Provides Guidance on Employee Social Security Tax Deferral

On August 8, 2020, President Trump issued an executive action directing the Secretary of the Treasury to use the Secretary’s authority under Section 7508A of the Internal Revenue Code of 1986, as amended (the “Code”), which...more

Bradley Arant Boult Cummings LLP

What Employers Need To Know About The Payroll Tax Deferral Guidance

Following President Trump’s Aug. 8 presidential memorandum directing the Treasury Secretary to defer the withholding and payment of certain employee payroll taxes, the Internal Revenue Service released Notice 2020-65 on Aug....more

Perkins Coie

Summary Of Notice 2020-65: Deferral Of Employee’s Portion Of Social Security Taxes

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In response to the ongoing coronavirus (COVID-19) pandemic, the U.S. Congress, the executive branch, and the Internal Revenue Service (IRS) have taken several actions intended to provide immediate relief to taxpayers. In...more

Snell & Wilmer

Payroll Tax Deferral – What The Treasury Guidance Did And Did Not Make Clear

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To assist employees with the economic hardships resulting from COVID-19, recent guidance provides relief in the form of a payroll tax deferral (Deferral Program). Internal Revenue Service Notice 2020-65 (Notice)1 provides...more

Ruder Ware

New Guidance Regarding Deferral of Withholding of Employees’ Social Security Taxes

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On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more

Foster Garvey PC

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

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On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more

Blank Rome LLP

Deferral of Employee Social Security Taxes Not Even a Good Idea on Paper

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In a Memorandum to the Secretary of the Treasury, President Trump directed that the Secretary use his authority to defer the withholding and payment of the employee’s share of certain Social Security taxes for the period...more

Dorsey & Whitney LLP

President’s Program Permitting Deferral of Employees’ 6.2% Social Security Tax for Four Months Presents Complexity and Risk for...

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On August 8, 2020, President Trump signed a Presidential Memorandum entitled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” effective as of September 1, 2020 (the “Memorandum”)....more

Pullman & Comley - Labor, Employment and...

Should Employers Stop Withholding Employees’ Share of Social Security Tax in September? (Part 1)

The title’s question is triggered by a Presidential Memorandum issued on August 8, 2020 (the “Memo”) directing the Secretary of the Treasury to defer Social Security taxes for certain employees....more

Robins Kaplan LLP

Financial Daily Dose 8.28.2020 | Top Story: In Major Policy Shift, Fed Embraces Inflation to Keep Rates Low

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In hotly anticipated comments on Thursday—and yes, such a designation applies to a speech on monetary policy—Federal Reserve Chair Jay Powell “announced a major shift in how the central bank guides the economy, signaling it...more

Lathrop GPM

More Payroll Tax Deferrals? Weighing the Risks and Benefits of Employers’ Options in Light of the President’s Executive Order

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On August 8, 2020, President Donald J. Trump issued a “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster” (the “Executive Order”) directing the Treasury Secretary to defer employer...more

Constangy, Brooks, Smith & Prophete, LLP

President Orders That Withholding Of SS Taxes Be Deferred, But There Are Details To Be Ironed Out

On August 8, President Trump issued a Memorandum deferring payroll tax obligations due to COVID-19. The Memorandum directs the Secretary of the Treasury to defer the withholding, deposit, and payment of the 6.2 percent...more

Bowditch & Dewey

Social Security Taxes Could Be Deferred for the Rest of 2020

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Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

Burr & Forman

Employee Payroll Tax Deferral—What Could Go Wrong?

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In March, Congress passed the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) to aid businesses and individuals. One CARES Act relief provision offered the deferral of certain payroll taxes. In particular,...more

Akerman LLP - SALT Insights

Impact of White House Memorandum Deferring Payroll Taxes For Certain Workers

On August 8, 2020, President Trump issued a Memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. This issuance is in the...more

Miller Canfield

Pres. Trump’s Tax Deferral Plan Raises Questions for Employers

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On Saturday, Aug. 8, Pres. Donald Trump signed the "Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster," providing that the withholding, deposit, and payment of the employee's portion of...more

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