1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i COVID-19: Presidential Order Deferring Individual Payroll Taxes Updated January 6, 2021 On August 8, 2020, President Trump issued a presidential memorandum ordering the deferral of individual payroll tax obligations from S
2、eptember 1, 2020, through December 31, 2020. The deferral was for employees with biweekly compensation of generally less than $4,000. The memorandum directed the Secretary of the Treasury to issue guidance to implement this policy. On August 28, 2020, guidance was provided in IRS Notice 2020-65. Thi
3、s Insight discusses the individual payroll tax deferral outlined in the memorandum, including issues related to repayment of deferred amounts; compares this order to the business payroll tax deferral provided in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136); and ad
4、dresses questions related to potential economic effects. What individual payroll taxes were affected by the order? The presidential memorandum ordered deferred collection and payments of the employee portion of the Old Age, Survivors, and Disability Insurance (OASDI) payroll tax, also known as the S
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