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earlyowego
Level 1

Any info about this new payroll tax cut?

 
74 Comments 74
Charies_M
Moderator

Any info about this new payroll tax cut?

Thanks for checking this with  us, earlyowego.

 

We are aware of the new payroll tax cut announced by President Trump. The moment it is passed, QuickBooks will make sure to catch up and apply this change on our future updates.

 

Once the update is ready, we will notify you either through this thread, via email. Another way to be updated with QuickBooks latest news is through our QuickBooks blog.

 

Stay tuned for updates. If you have other questions, just let me know. I'd be happy to help. Have a nice day ahead.

ML0017
Level 1

Any info about this new payroll tax cut?

Hello,

 

I thought it "passed" when he signed the Executive Order on August 8th.  The matter of whether it is permanent or not still needs to be agreed on but I think the EO made it official through the end of the year.  How long does it usually take to update these things once they are in effect, which at minimum appears to be Sept1st - Dec 31st 2020?  https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-o...

 

ML0017
Level 1

Any info about this new payroll tax cut?

 

 

 

 

KlentB
QuickBooks Team

Any info about this new payroll tax cut?

Thanks for coming back to this thread, ML0017.

 

Currently, we're unable to provide a specific timeframe when it will be available in QuickBooks. Rest assured, we'll apply the updates as soon as the Deferring Payroll Tax Obligations Policy takes effect.

 

In the meantime, I encourage visiting our blog from time to time to stay current with all QuickBooks news and updates.

 

If you need more help in completing your other tasks in the program, you can check our articles here. Just make sure that the topic is set as QuickBooks Online.

 

I'll be right here to continue helping if you have any other concerns or follow-up questions. Assistance is just a post away.

mrpyle1
Level 1

Any info about this new payroll tax cut?

Can an employee request not to participate with the tax cut and continue to have their taxes withheld because of this being a deferral? 

CharleneMae_F
QuickBooks Team

Any info about this new payroll tax cut?

Thanks for joining us here, @mrpyle1.

 

Since the Deferring Payroll Tax Obligations Policy is not yet released on our program, I recommend checking the latest updates at irs.gov. They're the ones who can provide information about the tax cut exemption.

 

Feel free to visit our QuickBooks blog to get all the latest news and updates.

 

Also, you can always swing by on our Help articles page for reference. There, you can read some of the helpful articles that will guide you in your future tasks related to payroll.

 

Let us know if you have other QuickBooks questions. We're always here to assist you. Take care always.

phast
Level 2

Any info about this new payroll tax cut?

Is there a way to manually modify the employee social security tax rate?

Nick_M
QuickBooks Team

Any info about this new payroll tax cut?

Hi phast. 

 

Thanks for joining the Community, because the Employee social security rate is federally set at 6.2% there is no way to alter it. For additional information on how to add, edit or inactivate am employee, you can refer to the this article

 

If you have any other questions or concerns, feel free to post here anytime. Thank you and have a happy Monday. 

phast
Level 2

Any info about this new payroll tax cut?

Thank you for the quick reply and information, I guess we will just have to wait.

 

 

John_cjs
Level 2

Any info about this new payroll tax cut?

The state has nothing to do with social security withholding or taking an exemption to the Executive Order.

cboudreaux
Level 1

Any info about this new payroll tax cut?

Hello. Any Updates on this? We have to process payroll on 8/31 with a payroll date of 9/3. So, I am just trying to figure out if the update will happen before then. Thanks!

cboudreaux
Level 1

Any info about this new payroll tax cut?

Hi. Any updates to this? I have to process payroll on 8/31 for a pay date of 9/3. I'm just trying to prepare if the update will be ready by then. Thanks!

RaymondJayO
Moderator

Any info about this new payroll tax cut?

Thanks for joining this thread, @cboudreaux.

 

I can see the importance of implementing the new payroll tax cut in QuickBooks Online (QBO) as it helps you prepare for your next payroll. However, we currently don't have a specific timeline as to when this will be available in the program. Rest assured that the system will automatically catch up on the taxes once this policy takes effect. 

 

For the time being, I recommend visiting our QBO Blog to learn more about the latest news and product enhancements.

 

When you process payroll on 08/31, I'd suggest visiting this resource hub to get help on its common topics. 

 

Just click the Reply button below if you need anything else. The Community and I will help you. 

PillarConsult
Level 1

Any info about this new payroll tax cut?

I need to know as well, by 8/31.   I have employees who want to put their portion of the Social Security deduction in their 401K from 9/1-12/31/2020.    

BookkeepingRockstar
Level 1

Any info about this new payroll tax cut?

You stated QBOnline.  What about desktop payroll users?

Kwilli
Level 1

Any info about this new payroll tax cut?

Will there be an option to have employees continue the withholding? Our employees do not wish to proceed with the executive order that is to go into effect September 1st for the FICA cut.

ShiellaGraceA
QuickBooks Team

Any info about this new payroll tax cut?

Hi @Kwilli,

 

Our engineers are working on getting the new payroll tax cut added in the coming payroll update. Thus, viewing an option to proceed or not is unavailable.

 

Rest assured, QuickBooks will automatically catch up on your taxes once it's ready. We'll also update this thread to let you know. I'm attaching QuickBooks blog to know the latest news about QuickBooks payroll.

 

Feel welcome to message us anytime if you need help with anything else. You can always count on us here in the Community. Thanks for swinging by and I wish you have a nice day ahead.

Kimfire
Level 1

Any info about this new payroll tax cut?

Glad you asked this question. I need to know also. Our board members want me to continue the withholding as well. 

Kimfire
Level 1

Any info about this new payroll tax cut?

I am glad you asked this. We want to continue withholding these taxes as well. 

LEPAcctMgrTX
Level 1

Any info about this new payroll tax cut?

Our company also wants to Opt Out of the Social Security deferral. I hope they are going to give us a Company Wide option before just implementing the deferral automatically!

oakeycorp
Level 2

Any info about this new payroll tax cut?

We will also want to continue withholding as well, will that be allowed. I will be doing payroll tomorrow, 9/2/2020, it would be helpful to know how to proceed.

Jmicrogers
Level 1

Any info about this new payroll tax cut?

Any updates on the software update. My payroll is processed on Thursdays and I would like to be able to pass the tax cuts on to my employees.

TrishaB919
Level 1

Any info about this new payroll tax cut?

We would like to opt-out of the payroll tax deferral as well. Any update would be helpful! 

Morrison4031
Level 1

Any info about this new payroll tax cut?

Following as well as payroll needs to be processed tomorrow.

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