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Posts tagged as “OASDI Deferral”

Employee Social Security Tax Deferral – an Employer Nightmare with More Questions than Answers

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On August 8, 2020, the President issued an Executive Order (EO) to allow an employee to elect to defer their Social Security tax payment, on wages earned from September 1, 2020 through December 31, 2020, to a later date. Rightfully so, the EO lacked details on implementation, which would be up to the U.S. Treasury to determine. Late Friday afternoon on August 28, 2020, the IRS published Notice 2020-65, and while the notice does provide details, it is still lacking rules and guidance on many points.  Most employers, since March 27, 2020, have had the ability to defer the deposit…