TRUMP EXECUTIVE ACTION-PAYROLL TAX DEFERRALS (AUG. 31, 2020)

News, Tax Legislation / By /

Dear Clients and Friends, The President’s recent executive action called for a payroll tax deferral for employees effective Sept 1 through year end.  Employers would stop withholding the 6.2% FICA (aka social security) portion on employee paychecks.  To get the deferral, employees must earn less than $4,000 every two weeks (equates to $104,000 annual salary). …

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NEW PAYROLL TAX DEFERRAL & PPP LOAN FORGIVENESS UPDATE (AUGUST 15, 2020)

News, Tax Legislation / By /

Dear Clients and Friends, I’d like to keep you informed about a few hot-topic tax developments that have occurred in the past week:    New Employee Payroll Tax Deferral Scheme On August 8, 2020, President Trump signed an executive order deferring payroll tax obligations of employees.  But what the heck does it really mean?  Like many …

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