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Presidential Memoranda on Deferring Payroll Tax

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Level 2

Although not entirely having anything to do with income tax, does anyone know the official status of the signing of the Memorandum by President Trump that defers certain payroll tax obligations from 9/1 - 12/31/20.  Is it going to actually be allowed and what is the protocol as of today?

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5 Replies 5
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Level 15

Some light reading on the subject is below.  Great idea - skip withholding Social Security now and pay it back later ------------ well, at least one person thought it was a great idea.

https://www.latimes.com/business/story/2020-08-25/trump-payroll-tax-deferral-irs-guidance

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
Level 15
I haven't had anyone ask about it, I will be advising against the deferment though....will make for a lousy holiday season when that balance comes due.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 10
Level 10

Don't know if it has been implemented or not, but Trump said if he is elected you won't have to pay it back

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Level 15
Level 15
and if that happens Social Security will be in the toilet...were on a slippery slope here.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

He also said Mexico was paying for the wall ------------------ so take that with a grain of salt.  But then again, maybe he is planning on having Mexico paying back the payroll taxes too.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.