On Aug. 28, the IRS issued Notice 2020-65, allowing employers to suspend withholding and paying to the IRS eligible employees’ Social Security payroll taxes. But many questions employers have raised were left unanswered.

The payroll tax “holiday,” or suspension period, runs from Sept. 1 through Dec. 31, 2020, and applies only to employees whose wages are less than $4,000 for a biweekly pay period, including salaried workers earning less than $104,000 per year.

Companies that suspend collection of employees’ payroll tax would collect additional amounts from workers’ paychecks from Jan. 1 through April 30 next year to repay the tax obligation.

Why Should You Attend

It remains uncertain, however, how many private-sector employers will suspend collection of their employees’ Social Security taxes, and, if they decide to do so, when they could reasonably adjust their payroll systems to stop withholding these taxes.

Employers that use a payroll firm should look for announcements on how the tax holiday will work, including any notices to employees. Given that many September payrolls were already processed in the closing weeks of August, before the guidance came out, “generally it will be shortly after Sept. 1” before Social Security tax withholding could be deferred.

Employers that maintain their own payroll systems may need weeks or months to get the technical work done, so it may be October, November or even later.

Learning Objectives

• What is the Payroll Deferral Regulations and who does it impact?
• Why was it developed?
• What does the Payroll Deferral Program benefits and concerns?
• What Federal programs are impacted?
• What is double withholding?
• Why would Employers be against the temporary regulations? Can employees still receive tax refunds under the Payroll Deferral Regulations?
• How can payroll providers prepare or respond to the regulation implementation?
• What are the compliance implications?
• Review the draft by the IRS of Form 941 to accommodate the Payroll Tax Deferment Regulations

Who Should Attend

• All Employers

• Business Owners
• Company Leadership
• Compliance professionals
• Payroll Administrators
• HR Professionals
• Compliance Professionals
• Managers/Supervisors
• Employers in all industries
• Small Business Owners
• Large Business Owners
• Company Leadership
• HR professionals

Speaker(s)

Margie Faulk

Margie Faulk, PHR, SHRM-CP is a senior level human resources professional with over 14 years of HR management and compliance experience. A former Compliance Officer for Federal Defense Contracting Industry, Margie has worked as an HR and Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors. Margie is bilingual (Spanish) fluent and Bi-cultural.

Margie’s focus is on multi-state, national, state and local workplace compliance. Additionally, Margie is working on International compliance initiatives globally which includes workplace compliance in other countries like the UK, Canada, France, Brazil, China, Africa, Mexico and India, just to name a few.

Margie has created and presented seminars/webinars for many compliance institutes. These national training providers, offer compliance training to professionals, business owners and companies interested in having their company compliant with workplace and industry regulations.

Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from Society for Human Resources Management. Margie has completed the Certified Compliance and Ethics Professional training and is a member of the Society of Corporate Compliance & Ethics (SCCE).

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

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