Executive Action Defers Payroll Taxes
On Saturday, August 8, President Trump signed a memorandum deferring the deadline for payroll taxes that employers deduct from employee paychecks and submit to the IRS. The order defers employees’ obligation to pay a 6.2% Social Security tax per paycheck and defers these taxes from September 1 through December 31, 2020. Treasury Secretary Steven Mnuchin …