IRS Releases Q&A on Payroll Tax Deferral Program – Clarifies When it Can Be Used In Relation to PPP Loan Forgiveness Program

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain self-employment taxes.  These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes.

These FAQs will be updated to address additional questions as they arise.

Please contact Matt Folz, CPA at mfolz@hsccpa.com or Scott Touro, MBA at stouro@hsccpa.com with any questions.

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