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Payroll

Posted on by 15

Will there be a payroll update to calculate the proposed social security tax deferral effective 9/1/2020?

  • Suggested answer
    JanelleM Profile Picture
    JanelleM on at
    RE: Payroll

    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.

    www.gpug.com/.../viewthread

    Thank you,

    Janelle

    Microsoft Support

  • Suggested answer
    Chris.Hadden Profile Picture
    Chris.Hadden 726 on at
    RE: Payroll

    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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