COVID-19: Presidential Order Deferring Individual Payroll Taxes [Updated January 6, 2021] [open pdf - 637KB]
From the Document: "On August 8, 2020, President Trump issued a presidential memorandum ordering the deferral of individual payroll tax obligations from September 1, 2020, through December 31, 2020. The deferral was for employees with biweekly compensation of generally less than $4,000. The memorandum directed the Secretary of the Treasury to issue guidance to implement this policy. On August 28, 2020, guidance was provided in IRS [Internal Revenue Service] Notice 2020-65. This Insight discusses the individual payroll tax deferral outlined in the memorandum, including issues related to repayment of deferred amounts; compares this order to the business payroll tax deferral provided in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136); and addresses questions related to potential economic effects."
CRS Insight, IN11488
Congressional Research Service: https://crsreports.congress.gov/