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ReportWill there be a payroll update to calculate the proposed social security tax deferral effective 9/1/2020?
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Will there be a payroll update to calculate the proposed social security tax deferral effective 9/1/2020?
Hi Becky,
Thank you for using Microsoft GP communities.
The IRS has not published new tax table changes for this deferral. Also, the deferral is optional for employers to implement. Because of these, there will be no update to Microsoft Dynamics GP for the Payroll Tax Deferral (Notice2020-65) released on August 28th. If you have any question regarding the regulation of the tax deferral, please direct these to a tax accountant or tax attorney.
mbs.microsoft.com/.../TUGP2018
Below I copied a link to a GPUG community thread on this same topic that you might be interested in taking a look at.
Thank you,
Janelle
Microsoft Support
There's been a few different threads on this topic. The short answer is that Microsoft will be publishing a blog on some best practices for how to manually manage this in GP, but there is no formal released planned specifically to support this new deferral.
Here's a couple of threads to reference:
community.dynamics.com/.../tax-changes-to-payroll-suggested-by-the-president
community.dynamics.com/.../payroll-tax-suspension
And here's the Support blog where we should be looking for an update: community.dynamics.com/.../dynamicsgp
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