Payroll Tax Deferral 2020
About this course
Webinar: IRS issued notice 2020-65 for payroll tax deferral guidance
Attend LIVE Online and Watch RECORDED Session both for Just $149
Live Session Date: Sep 28, 2020 Time: 10:00 AM PT|12:00 PM CT|01:00 PM ET Duration: 90 Minutes
Delivery Medium: Online/Phone
Can’t Attend Live? No worries! Your purchase will include a recorded session that you can watch any day, anytime, unlimited times at your convenience. Sr. No. 011092820
Payroll tax deferral- On August 28, 2020, the IRS issued Notice 2020-65, allowing employers to suspend withholding and paying to the IRS eligible employees’ social security payroll taxes. This payroll tax deferral is different from the one provided for under the Coronavirus Aid, Relief and Economic Security Act. The payroll tax holiday, or payroll tax suspension period, runs from Sept. 1 through Dec. 31, 2020 and applies only to employees whose wages are less than $4,000 for a biweekly pay period, including salaried workers earning less than $104,000 per year. Companies that suspend collection of employees’ payroll tax would collect additional amounts from workers’ paychecks from Jan. 1 through April 30 next year to repay the tax obligation.
Notice 2020-65 provides limited guidance to affected employers regarding several unanswered items in the executive action, but still many questions employers have raised were left unanswered which do not provide the sought-after comfort necessary for implementation. Attend this training webinar to know how can employers manage the new payroll tax deferral regulation.
Payroll Tax Deferral Session Highlights:
- What is the Payroll Deferral Regulations and who does it impact
- Why was it developed
- Benefits and concerns of Payroll Deferral Program
- What Federal programs are impacted
- What is double withholding
- Why would Employers be against the temporary regulations
- Can employees still receive tax refunds under the Payroll Deferral Regulations
- How can payroll providers prepare or respond to the regulation implementation
- What are the compliance implications
- Draft form 941 by the IRS review to accommodate the Payroll Tax Deferment Regulations
Why You Should Attend Payroll Tax Deferral Webinar:
If private-sector employers will suspend collection of their employees’ Social Security taxes, they could reasonably adjust their payroll systems to stop withholding these taxes. Employers that use a payroll firm should look for announcements on how the tax holiday or payroll tax suspension will work, including any notices to employees. Given that many September payrolls were already processed in the closing weeks of August, before the guidance came out. Employers that maintain their own payroll systems may need weeks or months to get the technical work done. Despite the issuance of Notice 2020-65, there remain many outstanding questions on the implementation of the deferral. There are multitude of technical and practical inquiries related to this deferral which can lead to non implication. This training webinar can help you with the questions you have in mind as there will be live Q&A at the end of the session which ultimately will help you to manage the payroll tax deferral regulation. Customizable compliance tool will also be provided for all the attendees.
Who Should Attend:
- Company leadership
- Compliance professionals
- Payroll administrators
- HR professionals
- Employers in all industries
- Small & Large business owners
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*Recording will be available after the completion of Live session
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