On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020.

On Friday, August 28, the IRS released further guidance.

When weighing your options, it’s important to note that this is not a tax cut but a deferment.

This means that the tax will still need to be paid in 2 Read More >>

COVID-19 has left few things unscathed this year, the IRS included.

In March, the IRS temporarily closed offices due to the public health emergency and announced the postponement of the filing deadline from April 15 to July 15. In addition, lawmakers then tasked the agency with distributing millions of stimulus checks at the beginning of April.

With all of those factors in mind, it’s not surprising that they are a bit behind this year. Here’s what you need to know:

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