THREAD: @IRSnews issued guidance today on payroll tax deferral provision of CARES. Link: https://bit.ly/3c8C1bh 

Thanks">https://bit.ly/3c8C1bh&q... to @nvca for putting pressure on @USTreasury
& @IRSnews to issue clarity & relief. Benefits all SMBs, not just those w/VC $.

Summary (11 FAQ& #39;s): https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index"> [1/n]

[2/n] Background: CARES Act enables employers to defer payroll tax deposits & pmts of employer share of FICA taxes. Also enables self-empl to defer pmt of self-empl taxes.

Many have raised Q& #39;s about eligiblity vs. PPP loans, FFCRA tax credits, & CARES ERC tax credits.

FAQs:

[3/n] Q1. What deposits/pmts can employers defer?

(continued...)

[4/n] A1. Employers can defer both deposit + pmt of emplyr share of social security (FICA) taxes, or equiv for Railroad employers.

[I will abbreviate as "emplyr payroll tax."]

If receive PPP loan, after forgiveness approved, may no longer defer dep/pmt subsequent taxes due.

[5/n] Q2. When can begin deferring dep/pmt of emplyr payroll taxes?

(continued...)

[6/n] A2. Deferral applies to dep/pmts req& #39;d to be made from 3/27/2020 to 12/31/2020. CARES calls this "payroll tax deferral period."

Form 941 will be revised for Q2 2020 (Apr-Jun).

Info coming soon to instruct how to reflect deferrals for elig portion of Q1 (3/27 to 3/31).