Saturday, August 8, 2020, President Trump signed an Executive Order which directs Treasury Secretary Mnuchin to defer withholding, deposit, and payment of the tax imposed by 26 USC 3101(a), and much of the tax imposed by 26 USC 3201 as is attributable to the rate in effect under 26 USC 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020.
The AICPA has requested guidance from the Treasury Department on the payroll tax deferral, and Sage is monitoring this closely. To learn more about the guidance request, click here.
We are waiting on guidance and clarifications from the Treasury Department. As the guidance is published, we will send necessary steps and any updates related to the Sage HRMS products.