Just checking on the status of this.  My accounting department is getting a bit nervous.

Thanks,

Phil

Hi [email protected] Thank you for checking in. I wish I could tell you that everything has been ironed out, however, Sage is continuing to monitor and we are still awaiting final guidance from the US Treasury and IRS. Once we have that information we can determine our next steps. 

IRS released guidance (Notice 2020-65) late last week.Will we get the tax updates we need by middle of this week to pay payroll and defer as required?

How will Payroll handle employers who will be opting-out from this.

I have the same question as Gwen. I don't believe the deferral is required..sure hope not because it's not only a bad deal for employees since it's currently only a deferral that will have to be paid back in 1st quarter of 2021, but it's even worse for employers since we're liable for collecting the deferred tax even for ex-employees.

And for many employers that cannot work in construction during cold winters, it will be impossible to get the funds from employees that are not working in the early part of the calendar year, when cold weather prevents outdoor construction in North America.

A post will be made later today concerning guidance that was received late Friday and regarding a new draft of Form 941. This forum post is now locked.