Source: La Mesa Chamber of Commerce
October 9, 2020 (La Mesa) -- The IRS issued guidance on President Trump’s payroll tax deferral to defer tax from September 1st until December 31st. This guidance includes the following highlights:
- Employers can defer the withholding, deposit, and payment of certain payroll taxes on wages paid from September 1st through December 31st.
- Interest penalties, and additions to tax will begin to accrue on unpaid taxes starting May 1st, 2021.