Although many private employers have announced they won’t be deferring Social Security taxes through the end of the year under a presidential action, federal employees will have the taxes deferred. The National Finance Center, which provides payroll services to over 600,000 federal employees, said that it will be deferring the withholding and payment of the employees’ share of Social Security taxes effective for the first pay period beginning after Sept. 1. In Notice 2020-65, the IRS provided guidance to employers regarding the recent presidential directive to allow employers to defer (but not forgive) certain employee payroll tax obligations due to the pandemic. Contact Cg for more information. © 2020
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