Costpoint Online Help

Using the Help Search
Using the Help Search
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Create Deferred Tax Payment Records

Use this toolkit to generate records on the Manage Deferred Tax Payments screen.

On August 8, 2020, the President signed an executive order which allowed employers to defer Social Security tax withholding for certain employees from September 1, 2020 through December 31, 2020. In late August, the Internal Revenue Service (IRS) announced that employers that opted to defer the withholding must pay the money back by April 2021.

In order to track the amounts already repaid and the future repayment amount, Costpoint added the Manage Deferred Tax Payments screen. You may either manually enter the data into the Manage Deferred Tax Payments screen or use the Create Deferred Tax Payment Records toolkit to generate the records. If you opt to use this toolkit, you must it run after the last paycheck in 2020 is posted and before the first paycheck of 2021 is computed. You may also use this toolkit to update the Total Amount Deferred, Payment Period End Date or Payment Period Start Date for existing Manage Deferred Tax Payment records at any time.

You run the toolkit for a specific pay cycle and can include one, a range, or a non-contiguous list of employees assigned to the pay cycle. Records will be generated for any employees that had deferred Social Security withholding between the specified deferral period start date and deferral period end date. Since employers either manually adjusted employee Social Security withholding to handle the deferral or used the Employer Subject to Accrual via Recompute Taxable Wages check box on the Manage Employee Taxes screen to defer the Social Security withholding, Costpoint allows you to specify the source of the deferred amount. The toolkit will perform the following actions based on the source of the deferred amount:

  • If you set the Source of Total Deferred Amount to Deferred Social Security withholding from earnings history, the toolkit will generate a Manage Deferred Tax Payment record for an employee that has a Deferred Employee Withholding amount in Manage Employee Earnings History.
  • If you set the Source of Total Deferred Amount to The difference between calculated and actual Employee withholding, the toolkit will calculate the expected Social Security withholding based on the employee's Social Security taxable wages and compare it to the employee's actual Social Security withholding. If there is a difference, a Manage Deferred Tax Payment record will be generated.