Employers can opt to defer their share of Social Security taxes, which are part of FICA, through the end of December. However, PPP loan forgiveness and other tax rules have complicated matters. The IRS has updated FAQs on this employment tax deferral reflecting changes made by the Paycheck Protection Program Flexibility Act of 2020.
Reminder: Subscribe to Big Ideas for Small Business® today and receive the Idea of the Day® in your inbox. As a thank-you, you’ll have access to my new eBook, “Big Ideas for Recovering and Reimagining Your Small Business!”
