On August 28, 2020, the IRS issued guidance on the employee payroll tax deferral included in the president’s executive memorandum earlier that month. The guidance clarified that the deferral is optional for employers and confirmed eligible salary levels, but some areas remain unclear.
Watch below as Tax Partner Jonathan Clark and HR Consultant Tricia Richardson explain what we know about the deferral, what we don’t and what it all means for your organization. In this 20-minute video, we’ll answer common questions like:
- How long is the deferral period? When are deferred amounts due?
- How should employers account for liability at year-end?
- Does this have any impact on PPP loans?
- What are the pros and cons of the deferral for employers?
- What is the business impact and financial risk of opting in?
Click below to watch the video update and contact your RKL advisor with specific questions about your organization’s circumstances. Visit RKL’s Business Recovery Resource Center for more guidance and insights.