Top 10 Questions About Employee Payroll Tax Deferral Answered

As an employer, you're likely aware of the recent payroll tax deferral program announced by the Internal Revenue Service (IRS). This program allows employers to defer the payment of certain payroll taxes for their employees. However, with this new program comes a range of questions and concerns. In this article, we'll answer the top 10 questions about employee payroll tax deferral to help you navigate the process.

1. What are the eligibility criteria for the payroll tax deferral program?

2. How do I enroll in the payroll tax deferral program?

3. What are the potential benefits of the payroll tax deferral program for employees?

4. Are there any potential drawbacks to the payroll tax deferral program for employees?

5. How will the payroll tax deferral program affect my business's cash flow?

6. Can I still offer benefits to my employees during the payroll tax deferral period?

7. What happens if I don't pay the deferred payroll taxes on time?

8. Can I still make contributions to my employees' retirement accounts during the payroll tax deferral period?

9. How will the payroll tax deferral program affect my employees' tax refunds?

10. Are there any penalties for not complying with the payroll tax deferral program?

By understanding the answers to these top 10 questions about employee payroll tax deferral, you'll be better equipped to make informed decisions about your business's payroll and tax strategy.