From The CPA Advisory Group —

The IRS late last Friday, Aug. 28, issued guidance on the payroll tax deferral ordered Aug. 8 by President Trump.

The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020, then withhold those deferred amounts during the first four months of 2021.

The deferral is available with respect to any employee whose wages or compensation during any bi-weekly pay period generally are less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay cycles.

If you have questions about President Trump’s payroll tax deferral order and what it means for your business, contact the Pinnacle CPA Advisory Group for help. Call us at (614) 942-1990, send an email to info@cpaagi.com, or just fill out the Contact Form on our site at cpaagi.com/contact.