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On Aug. 28, the IRS issued Notice 2020-65 to provide guidance on how to implement the Executive Memorandum on payroll tax deferral. This memorandum instructs the Secretary of the Treasury to defer the withholding, deposit, and payment of the tax imposed on the employee portion of the Social Security tax of 6.2%.
The employer is responsible to collect and remit any deferred taxes.
Keep in mind that this is a deferral and nothing in the memorandum explicitly forgives this amount nor can it without an act of Congress.