Aug 20, 2020
In this podcast, we touch base with Ed Karl, the AICPA’s vice
president–Tax Policy & Advocacy, to discuss questions the AICPA Tax
Executive Committee has raised in official comments to Treasury and
the IRS concerning President Donald Trump’s Aug. 8 memorandum
ordering Treasury to defer the withholding, deposit, and payment of
payroll taxes imposed by Sec. 3101(a) — better known as the
employee portion of Social Security tax, currently 6.2% of covered
wages and compensation — and a comparable rate of tax under Sec.
3201 — that’s the Railroad Retirement tax — for Sept. 1, 2020,
through the end of the year. We’ll explore the range of issues that
Treasury and the IRS face as they implement this order and what it
all could mean for employers and employees.