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Post by snowwx on Sept 2, 2020 3:25:11 GMT -5
Was informed that our contractor will not be opting in to the tax deferment bill...which for all practical purposes is a good thing....that way you won't be on the hook for 1000s of $$ at the end of the year...I had not heard whether the contractors as a whole were going to disregard or not on this matter...
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Post by alwayswx on Sept 2, 2020 18:31:17 GMT -5
MEMORANDUM FOR THE SECRETARY OF THE TREASURY
SUBJECT: Deferring Payroll Tax Obligations in Light
of the Ongoing COVID-19 Disaster
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
Section 1. Policy. The 2019 novel coronavirus (COVID-19) that originated in the People’s Republic of China has caused significant, sudden, and unexpected disruptions to the American economy. On March 13, 2020, I determined that the COVID-19 pandemic is of sufficient severity and magnitude to warrant an emergency declaration under section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121-5207, and that is still the case today. American workers have been particularly hard hit by this ongoing disaster. While the Department of the Treasury has already undertaken historic efforts to alleviate the hardships of our citizens, it is clear that further temporary relief is necessary to support working Americans during these challenging times. To that end, today I am directing the Secretary of the Treasury to use his authority to defer certain payroll tax obligations with respect to the American workers most in need. This modest, targeted action will put money directly in the pockets of American workers and generate additional incentives for work and employment, right when the money is needed most.
Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:
(a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
Sec. 3. Authorizing Guidance. The Secretary of the Treasury shall issue guidance to implement this memorandum.
Sec. 4. Tax Forgiveness. The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.
Sec. 5. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) You are authorized and directed to publish this memorandum in the Federal Register.
DONALD J. TRUMP
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Post by alwayswx on Sept 2, 2020 18:36:15 GMT -5
All this is, is a DEFERRED TAX. It will need to be paid, now or in the future. I want to pay it now, not in a lump sum in taxes next year, or have double tax taken out next year, meaning smaller paychecks next year until paid off.
The President wants votes by saying, if elected he could wave these taxes. Complete politics, not looking out for the American people.
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Post by weatherwatcher on Sept 3, 2020 5:42:04 GMT -5
please keep politics out of here
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Post by alwayswx on Sept 5, 2020 11:34:39 GMT -5
www.cnbc.com/2020/08/08/trump-signs-executive-order-on-coronavirus-relief.htmlI am not being political. Trump said he will establish a payroll tax holiday through the end of the year to Americans earning less than $100,000 per year and instruct the Treasury Department to allow employers to defer payment of the employee portion of certain payroll taxes. However, there’s no guarantee workers will receive that money. Trump added that if re-elected in November, he would look to extend the deferral and “terminate” the tax, which funds Social Security and Medicare programs.
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