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
It is expected that there will be more information and guidance released on the deferral, but in the meantime, contact us with any questions or concerns.
Matt also discusses this topic in a recent NerdWallet article. Click here for the full article.Categories: Tax, Tax Planning, COVID-19 Resources