IRS Proposes Rules on Executive Compensation Tax
Recently proposed regulations from the IRS aim to provide comprehensive guidance implementing the excise tax on executive compensation enacted by the Tax Cuts and Jobs Act.
IRS Offers Guidance to Employers for Reporting Coronavirus Sick and Family Leave Wages
The IRS has specified reporting requirements for amounts of sick and family leave wages paid to employees under the Families First Coronavirus Response Act.
Uncertainty Surrounds Limited Guidance on Payroll Deferral Plan
According to an IRS notice published late Friday, employers may defer the withholding and deposit of employees’ share of social security tax for the period of September 1 through December 31, 2020. The liability for the taxes is not waived and employers opting to participate in the deferral will need to collect and deposit those amounts between January 1, 2021, and April 30, 2021.