COVID-19 Update— IRS Guidance on Social Security Payroll Tax Delay
The Secretary of the Treasury (Secretary) has authority in the case of certain disasters (such as the one that has been declared for the COVID-19 pandemic crisis) to postpone certain due dates under the Tax Code. On August 8, 2020, President Donald Trump prepared a memorandum directing the Secretary to use this authority to defer due dates under the Tax Code to provide “temporary relief … to support working Americans.”