Description
Does it make sense for your business to offer the federal payroll tax deferral to your employees?
President Trump issued a Presidential Memorandum directing the U.S. Department of Treasury to defer the 6.2% tax employees pay toward Social Security from Sept. 1 until Dec. 31, 2020. Michelle L. Kolkmeyer of Bodman’s Workplace Law Group will offer insight on whether implementing this “deferral,” makes sense for your business. The IRS issued guidance clarifying that employers — not employees — will be responsible for collecting and remitting the deferred tax if it is not ultimately forgiven. While employees who partake in the payroll tax deferral would enjoy a temporary boost in their take-home pay for the remainder of the year, they could see smaller paychecks early next year as employers are required to withhold and pay the deferred amount to the IRS.
Kolkmeyer will engage in a one-on-one discussion with Sandy K. Baruah, president and CEO of the Detroit Regional Chamber. Participants can submit questions during the discussion.
