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Clarification of the CARES Act Rules on Payroll Tax Deferral
The National Law Review, in a post today on their website, explains a number of provisions enacted via the Families First Coronavirus Relief Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), along with a recap of the guidelines for deferral of the employer’s portion of the Social Security part of the payroll taxes assessed to workers. Briefly, the rules allow for deferral beginning March 27, 2020 with 50% of the deferred amount required to be paid by 12/31/2021. The remainder of the deferred amount is then due by 12/31/2022. Read the full NLR article here…
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