New Guidance Issued on President Trump’s Memorandum on Deferral of Employees’ Share of Social Security Tax

On August 8, 2020, President Donald J. Trump signed an executive memorandum directing the U.S. Department of the Treasury (Treasury) to allow deferral of the withholding, deposit, and payment of the employee portion of the 6.2 percent Social Security tax (but not the 1.45 percent Medicare tax) for the period of September 1, 2020, through…

Congress made updates to the Paycheck protection program

Treasury issues FAQ’s on PPP

Treasury Issues FAQ’s on PPP On April 6, 2020 The Treasury Department  issued updated FAQ’s which clears up most of the confusion in the computation of the maximum loan amount and discusses other matters under the Paycheck Protection Program. Some of the major clarifications are as follows: The Gross Payroll approach should be used for…