On Saturday, August 8, 2020, the President signed an Executive Order that directs the Treasury Department to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201, as is attributable to the rate in effect under 26 U.S.C. §3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020. To read the full order, click here.

Guidance for the recent Executive Order was received late Friday. Sage is reviewing to determine potential product updates. Read about the guidance here: https://www.irs.gov/pub/irs-drop/n-20-65.pdf.

We are aware that the IRS posted a draft revision of Form 941 and we are reviewing it as well. The draft is posted here: https://www.irs.gov/pub/irs-dft/f941--dft.pdf.