TREASURY ISSUES GUIDANCE ON DEFERRAL OF EMPLOYEE SOCIAL SECURITY CONTRIBUTIONS
On Friday, the IRS released long-awaited guidance on President Trump’s previous Executive Memorandum to Treasury Secretary Stephen Mnuchin directing him to defer the collection of the employee portion of Social Security employee payroll taxes.
Nan ONeill and Peter McNulty, attorneys with Murphy, Hesse, Toomey & Lehane, LLP recently presented a webcast for the International Foundation of Employee Benefit Plans (IFEBP). The topic being discussed was CARES Act: Impact on Small- to Mid-Sized Employers and Their Workforces.
On Friday, September 11, 2020, the Department of Labor issued revisions to the temporary rule regarding the federal Families First Coronavirus Response Act (“FFCRA”). Those revisions can be found here - https://www.federalregister.gov/documents/2020/09/16/2020-20351/paid-leave-under-the-families-first-coronavirus-response-act. The revisions take effect on September 16, 2020.