Payroll Tax Deferral: Learn More from our Member Accountants
Under an executive order issued by the president, employers may defer withholding and payment of the employee’s portion of the Social Security tax for those earning under a certain amount. Guidance issued by the IRS explains the program.
The deferral applies to wages paid starting September 1-December 31, 2020, with payment of applicable taxes made between January 1-April 30, 2020.
Businesses need to evaluate this program and see if it’s right for them. Some expert advice and explanation of the implications are helpful for this and other COVID tax relief programs, such as Employee Retention Credit.
Our members offer resources to help you learn more about the government programs that can offer relief and impact your taxes this year. Of course, they are also available to answer questions specific to your circumstances and help you manage your taxes and other accounting needs.
Here are some of the blogs available regarding Payroll Tax Deferral:
Premier CPAs, P.C., East Lyme, Small Business Update: Payroll Tax Deferral
Goldblatt Bokoff LLC, Norwich: 2020 Payroll Tax Deferral Order
Grenier Lender, Waterford & Danbury: Is the Temporary Deferral of Employee Payroll Worth It?
Information about the Tax Credits for Employee Retention:
Doherty, Beals & Banks, P.C., New London, New Employer Tax Credits for Employee Retention in 2020
Reach out to these or any of the Accounting and Tax Services in the Chamber business directory:
Capalbo Accounting Services, Groton
H&R Block, Groton
Hoyt, Filippetti & Malaghan, LLC, Groton
O’Connor Davies, LLC, Norwich & Wethersfield
Garvey, Steele, & Bancroft, Mystic & Putnam