The Hartford Business Journal published an article by Tax Principal Michael D’Addio about key 2020 federal business tax changes.
Hartford Business Journal
By Michael D'Addio, Principal, Tax & Business Services
For the period beginning on the date of enactment through the end of 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows a deferral of the employer share of social security tax (6.2%). Fifty percent of deferred tax is payable on Dec. 31, 2021, and the balance on Dec. 31, 2022. This provision is elective to the employer, but not required.
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