Chamber Memo Explains Payroll Tax Holiday

As previously reported by NADA, the Treasury Department late Friday issued guidance on the August 8, 2020, Presidential Executive Order that authorizes employers to defer their obligation to withhold, deposit and pay its qualified employees’ portion of the payroll tax on wages earned between September 1, 2020, and December 31, 2020.

The U.S. Chamber of Commerce has issued a memorandum explaining the employee tax holiday in greater detail.

Dealers are strongly encouraged to discuss this matter with their tax advisor. 

GNYADA thanks NADA for providing this notice to our members.