NEW MEXICO’S BUSINESS LAWYERS ®

IRS Provides Guidance on Payroll Tax Deferral

September 5, 2020

In response to the president’s executive order on payroll tax deferral for employees, the IRS has released its initial notice regarding implementation. The following day, the U. S. Chamber of Commerce sent its members a guidance document, including a short summary accompanied by frequently asked questions. The IRS confirmed on September 3, 2020 that payroll tax deferral for employees is optional.

This has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Readers should consult their own tax, legal, and accounting advisors before engaging in any transaction.

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