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Greetings, everyone, and Happy Hump Day!

It’s also the last day of the month, and the last day of the Third Quarter.

It’s been one hell of a year so far, no doubt. 

We’ve seen a major stock market dip, a nice recovery followed by a recent downturn. 

But that looks like the worst is over, at least for the time being.

Now that we’ve cleared our individual income estimated tax deadline, it’s time to remind those of you with employees that the 3rd Quarter payroll taxes are due at the end of October. 

It pays to get that done early; why stress over last-minute compliance?

Oh, and if you are taking advantage of the employer payroll tax deferral, do keep in mind that it does need to be paid back. 

First, it only applies to the employee portion of the social security withholding, NOT Medicare tax.

Second, it must be withheld and repaid in full between January 1st and April 30th of 2021.

Our professional opinion here at Owings Tax & Accounting is that this deferral should be avoided unless absolutely necessary. 

Withholding and remitting payroll taxes per the status quo procedure will be a lot easier to administer in the long run.

Like Lincoln’s famous quote about being honest, there’s less to remember!

Feel free to ask questions in the comments, or by DM.

Let’s have an abundantly healthy and prosperous Quarter Four!