On August 8, 2020, President Donald Trump issued a “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster” (the “Presidential Memo”) that directs the Secretary of Treasury to use his authority to defer the withholding, deposit, and payment of the employee share of Social Security taxes (the 6.2% tax on wages paid—not earned—up to $137,700 for 2020) on certain wages paid during the period of September 1, 2020, through December 31, 2020. READ MORE