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TXCPA Committee Responds to Presidential Memorandum on Deferring Payroll Tax Obligations

In a letter to Treasury and the IRS, TXCPA’s Federal Tax Policy Committee endorses AICPA’s request for additional guidance to implement the Presidential Memorandum dated Aug. 8, 2020, on deferring payroll tax obligations and seeks additional guidance on related issues. The committee also disagrees with the approach taken in IRS Notice 2020-65, which requires employers to collect the deferred taxes, and recommends that certain aspects of the notice be reversed and clarified.

https://www.tscpa.org/docs/default-source/comment-letters/federal-tax-policy/2020/payroll-tax-deferral-obligations-comment-letter.pdf?sfvrsn=3a54ddb1_4

 

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