News & Analysis as of

U.S. Treasury Trump Administration Tax Relief

Jackson Lewis P.C.

New Tax-favored Benefit for Employees with Children

Jackson Lewis P.C. on

Among the federal tax changes made by the “One Big Beautiful Bill Act” (discussed in our prior post) is a new kind of custodial savings account for children (who’ve been issued a social security number) to which their or...more

Morgan Lewis

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

Morgan Lewis on

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

Snell & Wilmer

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

Snell & Wilmer on

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

Foster Garvey PC

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

Foster Garvey PC on

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

Blank Rome LLP on

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

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

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

Bowditch & Dewey on

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?

Burr & Forman on

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

Foster Garvey PC

Treasury Delivers Some More Good News – Notice 2020-20

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On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

Bracewell LLP

COVID-19 Tax Update: Tax Return Filing and Tax Payment Relief

Bracewell LLP on

Last week, in a pair of notices released under President Trump’s March 13, 2020 Emergency Declaration relating to the coronavirus pandemic, the IRS and the Treasury Department offered relief for tax return filing and tax...more

Foster Garvey PC

Treasury Delivers Some Good News in a Time When Good News Is Rare

Foster Garvey PC on

On March 13, 2020, President Trump issued an emergency declaration, which in part instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

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