The U.S. Chamber of Commerce has sent a letter to Washington officials stating that its members won’t defer payroll taxes. On Aug. 8, President Trump signed a memorandum that allows employers to defer the employee’s portion of Social Security tax for certain workers from Sept. 1-Dec. 31, 2020. The action directed the Treasury Secretary to issue guidance to implement the deferral. The Chamber’s letter states that under current law, deferral will create “a substantial tax liability for employees at the end of the deferral period… Without Congressional action to forgive this liability, it threatens to impose serious hardships on employees who will face a large tax bill as a result of deferral.” Call or visit our website for more information! www.mjscpa.com/
