APA's Top Payroll Questions & Answers for 2020 - 115

APA's Top Payroll Questions & Answers for 2020

Other COVID-19 Topics
Deferral of taxes

Q.

For employers to defer payment of the employer share of social
security taxes under the CARES Act, is there a company size limit
(either employee count or gross receipts) that determines a company's
eligibility to take advantage of this provision?

A.

All employers (except for state and local governments) may defer the
deposit and payment of the employer's share of social security tax.
When the CARES Act was enacted, it included a provision preventing
employers that received a loan under the Paycheck Protection Program
(PPP) from deferring the deposit and payment of the employer's share
of social security tax due on or after the date that the PPP loan was
forgiven. However, this provision was later amended by the Paycheck
Protection Program Flexibility Act. Therefore, an employer that
receives a PPP loan is entitled to defer the payment and deposit of the
employer's share of Social Security tax, even if the loan is forgiven.

Student loan bonus payments

Q.

We would like to give an employee a one-time bonus to apply to her
student loan debt. Is that OK?

A.

Yes. The CARES Act adds student loan payments to the types of
benefits an employer may provide under an educational assistance
program under IRC §127. Under such programs, employers may
exclude up to up to $5,250 from an employee's gross income. However,
the loan payments must be made before January 1, 2021, to qualify.
These contributions are fully tax deductible by employers.
115

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APA's Top Payroll Questions & Answers for 2020

Table of Contents for the Digital Edition of APA's Top Payroll Questions & Answers for 2020

Table of Contents
APA's Top Payroll Questions & Answers for 2020 - Intro
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APA's Top Payroll Questions & Answers for 2020 - Table of Contents
APA's Top Payroll Questions & Answers for 2020 - e
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