Our payroll teams are now working quickly to create the appropriate pay types so that you can track the social security to your payroll and ensure you're compliant and using the correct credits correctly.
You can read through these articles for more information about the Family First Coronavirus Response Act:
Also, you can always reach out to the IRS if you want to stay informed about Social Security matters.
Post again if you have any other QuickBooks questions. I'm always here to help. Have a good day!
Thanks for joining us here in the Community, @Lknebl.
At this time, the ability to defer employer social security per the COVID-19 regulations is not yet available in QuickBooks Desktop.
However, if you've created deductions already, you may keep this information manually (outside QuickBooks), so you can enter them in the system whenever this option is made available.
Meanwhile, to ensure the best course of action for your business, I recommend consulting your accountant. They'll be able to provide you options on how to make your books accurate.
Lastly, I'd like to share this reference to give you insights about the current COVID-19 related deductions that can be recorded in QuickBooks Desktop: How to track paid leave and sick time for the corona virus.
If you have any other questions or concerns, feel free to leave a reply below. I'll be around to help. Keep safe!
As an employer, my understanding is that we can opt not to do the deferral for our employees. I want to be certain that QuickBooks does not do an automatic update that would add the deferral in the payroll that I will be doing today. Will I be safe to do payroll as I normally do, today?
Let me share some information about the actions that you're going to take if there are updates for your taxes in QuickBooks Desktop.
Currently, our Payroll Compliance teams are working closely with the IRS still to determine the accurate process and specifics of this tax deferral. We don't have any updates in QuickBooks if the payroll taxes will be auto-adjusted based on the President's Executive order. Also, the US Treasury is working on issuing guidance surrounding the implementation of the deferral and we will continue to keep our customers up to date with the latest information.
Once updates are available, you'd receive an email notification about it. Also, it will be applied to your QuickBooks account once you download your latest payroll tax tables. In the meantime, you can run payroll the way you do it in QuickBooks. You can read through these articles for more detailed instructions:
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