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On Saturday, August 8, President Trump issued an Executive Order “directing the Secretary of the Treasury to use his authority” under Section 7508A of the Internal Revenue Code “to defer certain payroll tax obligations with respect to the American workers most in need.” Unfortunately, this is another situation where businesses and advisors need more information and official guidance before making decisions on processes needed to comply with the rule.
Executive Summary of the Executive Order:
The President may have given the House and Senate an opportunity to, effectively, override his executive action by coming to some joint solution acceptable to both Republicans and Democrats by delaying the effective date of this Order.
Hopefully, since there is no official guidance on implementation of this deferral under the Treasury Department’s authority (to defer withholding, deposits, and payment of the applicable taxes imposed), additional detailed guidance will come sooner rather than later. In the meantime, we will continue to monitor developments. Please check Our Thoughts On regularly and do not hesitate to call your Schneider Downs tax advisor.
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