IRS UPDATE ON DEFERRAL OF EMPLOYEE SOCIAL SECURITY TAXES

Summary

The IRS issued guidance to implement the Presidential Memorandum deferring certain employee Social Security tax withholding.

Content

IRS UPDATE ON DEFERRAL OF EMPLOYEE SOCIAL SECURITY TAXES

On August 28, 2020, the IRS issued guidance to implement the Presidential Memorandum deferring certain employee Social Security tax withholding: IRS Guidance.

Though this guidance provides some clarification, many questions remain unanswered. Oracle does understand that some customers may choose to implement this deferral although many questions remain. To this end, Oracle will be providing configuration guidance, but as with any tax change that does not provide clear and comprehensive requirements, please consult your tax advisor for additional guidance.