Locke Lord QuickStudy: Initial Thoughts Regarding the IRS’ Employee Payroll Tax Deferral Guidance in IRS Notice 2020-65

On August 8, 2020, President Trump issued the Presidential Memorandum on Deferring Payroll ‎Tax Obligations in Light of the Ongoing COVID-19 Disaster (the “Executive Order”).  The ‎Executive Order instructed the Treasury Department to provide guidance authorizing employers ‎to defer the collection and deposit of employee payroll tax obligations.  On August 28, 2020, the ‎Internal Revenue Service (“IRS”) issued IRS Notice 2020-65 (the “Notice”), which provides ‎guidance to employers regarding how they may implement the Executive Order.

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