On August 8, President Trump issued a series of executive orders, one of which deferring employee payroll tax obligations through the end of the year. The Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster defers the withholding, deposit, and payment of payroll taxes.
GSG’s recent podcast features Tax Director, Matt Keefer, who discusses what to expect from the new order, including:
- Who is eligible
- How long it will last
- Recommendations on what to do with your savings
While there is much unknown about these new policies, it is expected that there will be more information and guidance released on the deferral. Often this guidance is rolled out as the specifics are put in official documents, and then it’s up to tax professionals to decipher and relay the new standards to their clients. If you don’t have a tax professional that you trust, it would be helpful to secure one who can help you navigate these challenges. You can also contact us with any questions or concerns and we’ll steer you in the right direction.
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Matt also discusses this topic in a recent NerdWallet article. Click here for the full article.
Categories: Podcast, Tax, Tax Planning, COVID-19 Resources
