A memo has been sent from the Office of the President to the Secretary of Treasury that states if an individual earns up to $104,000 annually, they may elect to defer their FICA payroll tax withholdings from Sept 1 through Dec 31st 2020. Repayment of the taxes would be penalty and interest free. No guidance of repayment has been defined in the memo. At this time, the Treasury Department is looking into forgiving the deferred amount, but it has not been approved.
Click here for the memo from President Trump.
For more information, please contact your tax provider.