Hold Off On Suspending Payroll Taxes
There’s no rush to offer workers a holiday from Social Security taxes. employers in the U.S. have not rushed to offer their workers a suspension of Social Security payroll taxes through the end of the year, given that employees would need to repay those deferred taxes during the first four months of 2021—unless legislation is enacted to forgive this obligation—under guidance the IRS issued Aug. 28.
