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Presidential Memoranda on Deferring Payroll Tax

11Buster
Level 3

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?

0 Cheers
5 Replies 5
IRonMaN
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

Armpit sniffer. Yup, checked out the help wanted ads and found the job. With my nose, how can I go wrong?
Just-Lisa-Now-
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♥¸¸.•*¨*•♫♪
Terry53029
Level 11
Level 11

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

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

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
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.

Armpit sniffer. Yup, checked out the help wanted ads and found the job. With my nose, how can I go wrong?