The Hartford Business Journal published an article by Tax Principal Michael D’Addio and Partner Michael Maksymiw about key 2020 federal business tax changes.
Hartford Business Journal
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.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.