For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September 1 through December 31, 2020 with the issuance of IRS Notice 2020-65 on August 28. The deferral set an eligibility limit of $4,000 per bi-weekly pay period-by-pay period basis. Last Friday, Internal Revenue Service (IRS) issued further guidance explaining exactly how employers are to report the deferred payroll taxes on employee 2020 W-2 statements. The deferral of the employer share of Social Security Payroll Tax, retroactive to March 27 and running through December 31, 2020, had been previously authorized by the CARES Act which Congress passed in April.