August 31, 2020
COVID-19 Government Relations Daily Summary
IRS Notice 2020-65
Implementing Executive Action, Employment Tax Deferral (COVID-19)
On Friday evening, the IRS released an advance version of Notice 2020-65 as guidance for employers with respect to a presidential memorandum directing the Treasury Secretary to use his authority to defer the withholding, deposit, and payment of certain payroll tax obligations, as relief in response to the coronavirus (COVID-19) pandemic.
Knowing that many practitioners and clients have been waiting on implementation guidance from Treasury on this issue, we are sending this Regulatory Update to provide you with this timely information from the IRS.
See IRS Notice 2020-65.