Under the new executive order, am I required to defer payroll taxes?

Hi @emunn8908 , i think yes. I just read the news and it starts on Sept. 1 through Dec. 31, 2020. Comment back, cheers.

@gayatriluthfias20  Would you be able to provide a link to the source of this information please? Thanks!

@gayatriluthfias20 Could you provide a link to this information please? Thanks!!

Hi @emunn8908 , check this link . Cheers.

How are we coding and tracking this in QB?

Hello, @Cgreen7.

I can guide you in setting up QuickBooks to defer your payroll taxes. Let's get started!

1. Go to the Gear icon.
2. Choose Payroll Settings.
3. From the Overview tab, locate the CARES ACT section.
4. Click the Employer Deferral link.
5. Mark the I want to defer my employer portion of the Social Security liability tickbox. 
6. Click Ok.

You can read through these articles for more detailed instructions: 

• Stop or defer payroll tax payments
• Track your deferral payments for Social Security tax payments

Also, I've added these articles that you can use as additional reference in managing your business during these challenging times:

• Pay employees under the Family First Coronavirus Response Act
• How the Coronavirus Aid, Relief, and Economic Security (CARES) Act affects your payroll.

Feel free to let me know how the conversation goes below. I'm always here to lend a helping hand. 

The executive order is to not withhold or pay the employee's portion of social security beginning September 1.  What you referenced is for CARES act I believe.

The Executive Order is to not withhold employee FICA from employee's check beginning September 1. I believe what you referenced is for the CARES act deferral of remitting FICA.

At this time it is an interest free loan.  Employees are required to pay it back between 1/1/21 to 4/30/21.  Here is an article that explains the details.

https://blogs.claconnect.com/agribusiness/deferring-employee-fica-may-not-make-sense/

Here is another helpful article.  My clients are choosing not to do it, since they will have to pay it back between 1/1/21 - 4/30/21

https://blogs.claconnect.com/agribusiness/deferring-employee-fica-may-not-make-sense/

Is there a way to opt out? I use QuickBooks assisted payroll. I process payroll monthly and must process on Monday, Sept 28. My accountant advised me to opt out. Will QB automatically defer the taxes? Any help will be appreciated. Also, is there a contact number for Intuit/QB assisted payroll? 

Hello there, @KASPIN.

Currently, our Payroll Compliance teams are working closely with the IRS to determine the accurate process and specifics of this tax deferral. Once updates are available, you'd receive an email notification about it.

Also, here are the complete steps on how to connect with our Assisted Payroll Support:

1. Open QuickBooks.
2. Select Help from the top menu bar, then choose QuickBooks Desktop Help.
3. At the bottom of the Contact Us window, kindly click Contact Us.
4. From the pop-up window, give a brief description of your issue in the Tell us more about your question: section.
5. Once done, hit the Search button.
6.  Then, click the Start a Message button.

For QuickBooks Online, you can click this link. 

You can visit this link if the feature is already accessible in the system: Track your deferral payments for Social Security tax payments. 

Also, you can check out this resource for the latest payroll update (22013) as well as earlier release updates: Latest payroll news and updates. 

Please know that I'm just a comment away if you need further assistance. Wishing you all the best.