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  • Writer's pictureSchoelles and Associates

Delay on Employees' Share of Social Security Taxes

The IRS released guidance on the Presidential Memorandum regarding employees’ share of social security taxes. This is the 6.2% withheld from gross pay. Beginning September 1, 2020, withholding this tax could be delayed through December 31, 2020. Repayment would begin January 1, 2021 through April 30, 2021 without penalty or interest. If the employee leaves or is unable to repay the tax, the employer is responsible for payment to the IRS. Congress could pass legislation to forgive this delayed amount but that is not law at this time.

Note: This is not mandatory

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Last minute year-end tax tips for businesses.

*Pay final bills and postmark by 12/31/2020 *Newly purchased business equipment must be placed in service by 12/31/2020 to be deductible *Business expenses paid by credit cards are deductible when cha


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