Anna, I talked to our accountant and she said participation is voluntary. She actually recommended not participating in the program and to explain to employees this is only a deferral and the money will have to be paid back next year. An issue for the employer is if the employee separates from the company before January 1 and the money is not collected from the last check, the employer is responsible for the deferred money owed.
It's time to switch to a different and better payroll service! Your telephone wait time is unacceptable and choosing to NOT implement the tax breaks for employees during this time is both unsupportive of the companies that pay for your services and a terrible, terrible way to treat the employees for whom you get paid to provide such payroll services. TIME TO MOVE ON TO A DIFFERENT PROVIDER NOW.
Do you have any idea when the update will be available for our employees to take advantage of the employee social security deferral? It's almost the end of the month and I must do something! Please help.
Thanks for following this thread, @Elivoo. I understand the need to have your employees to take advantage of the employee social security deferral.
At this time, we don't have a specific timeline as to when this will be available in the program. But I can assure you that our engineers are now working on it. Once this policy takes into effect, the system will then automatically catch up on the taxes.
In the meantime, I'm encouraging you to visit our Firm of the future to learn more about the latest news and product enhancements. One of our latest updates is about IRS to-do list to ensure you're all set for 2020.
Please let me know if you have additional questions. We're always here to listen and help.
I've checked our updated report about the employee tax deferral, and our product team is still working on it. That’s the reason why you’re unable to see this feature.
But Rest assured we will notify you through email if it is already available. You can also visit our QuickBooks Blog to keep updated with the latest updates and enhancements in the system.
If you have follow-up questions, don't hesitate to click the Reply button below. I'm always here to help. Take care always
LOL. Stop sending updates that serve no purpose. It's a waste of my time. Your programmers are either extremely incompetent, or you are making a very poor political statement. The result? You're causing financial harm to many employees. Your job is to provide software that complies with federal & state laws. My job is to process payroll in compliance with federal & state laws. That's it. Nothing in there about inflicting our political agendas on others.
You can take me off this thread. I'm handing the deductions manually by overwriting the employees SS tax. Easy stuff. Looking at dumping QB's as a result of this BS.
Open each employees paycheck when processing payroll, and enter "0" (zero) for the current period employees social security tax withholding. It will probably pop up a warning, so you need to accept that. You might need to enter the zero twice for it to accept the update. You have to do this for every qualifying employee for every payroll. I imagine will also need to update the 941's, but I haven't processed my 941's yet.
I am trying to print the W2s and am not sure what to do with the amount that was deferred to 2021. Where do I enter that amount? I did not get the amount set up so I have been tracking it on paper.
Thank you for reaching out to the QuickBooks Community, nangac. I highly recommend reading the filing instructions on the IRS website regarding W2's and what to do with the 2021 deferral amounts. You can use this link to find more information on the Form W-2. Please let me know if you have any additional questions. My team and I are thrilled to help. Take care!
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