On August 8, President Trump issued a Memorandum deferring payroll tax obligations due to COVID-19. It directs the IRS to defer the withholding, deposit, and payment of the 6.2 percent employee’s share of Social Security taxes, between September 1 through the end of this year. Additionally, the IRS is also directed to consider the possibility of forgiveness for these funds, rather than the repayment. It was likely that Congress will explore the option of forgiveness as well. But the newest guidance now states that “any social security taxes deferred from September through December would have to be repaid ratably from January to April 2021.” Additionally, there is guidance as to what employees would qualify: “if in one bi-weekly pay period an employee was under the $4,000 threshold, that employee was eligible for the tax deferral. Yet, if in the next bi-weekly pay period the employee was over the $4,000 threshold, that employee would not be eligible for the deferral in the second pay period.” Quotes from Lexology.com, Sept. 1, 2020. Many other uncertainties remain, however.