What Is the Employer Payroll Tax Deferral Provision?

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On March 11, 2021, President Joe Biden signed into law the American Rescue Plan Act, a $1.9 trillion bill that extends many forms of federal assistance for small businesses impacted by the coronavirus pandemic that were first introduced by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Two of these provisions are the employee retention credit and the employer payroll tax deferral. These are related but function differently. The employee retention credit provides businesses with a payroll tax credit of up to $10,000 per full-time employee per quarter through Jan. 1, 2022, while the employer payroll tax deferral allows your business to postpone paying some payroll taxes due in 2020 by paying half of those taxes at the end of 2021 and the other half at the end of…
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