Posted on 09/15/2020 5:18:24 AM PDT by maineman
Good Morning! Just curious if anyone knows of any companies that are participating in the payroll holiday? The company I work for is not participating.
Should read: Payroll Tax Holiday.
My company is not participating.
Mine isn’t. And I’m a contractor. The client site isn’t either.
Neither is mine.
Isn’t it a tax deferral?
You’ll still owe the taxes.
Hopefully not! Why put employees into a terrible situation when they have to pay it back next year. Yes it’s a zero interest loan but still a horrible plan.
Not the company I work for (who shall remain nameless.)
They sent out a message to employees effectively telling the truth, that this would be a loan that would have to be paid back next year.
Thanks,
Mark
QuickBooks is a very common bookkeeping program. They totally ignored the EO and did not adjust the program, which makes it difficult for the employer to adjust. Not just the paychecks are impacted, but the quarterly reports, W2s, everything is tied in together.
QB non-compliance adds to employer non-compliance.
I am new to bookkeeping. The small construction company I work for uses QB so the owner requested that I ignore the EO to avoid the bookkeeping nightmare.
I also bookkeep for a church. The church payroll is tracked in Excel so it was real easy for me to execute the payroll holiday for the church employees.
You can either pay now or pay later.
And the IRS hopes people get caught up in the scheme to issue penalties.
No we opted not to participate because if an employee left us during the tax holiday we would be liable for his share of the tax. That did not seem to be a fear proposition or risk
Mine is not participating.
None I know of. It makes no business sense.
Corporate legal counsel is 90% Liberal Swamp.
Virtually all companies are going to be advised
not to go there. Can’t help Trump after all.
Mine isn’t. I would rather pay now than pay later.
Just the feds. It was a bad gimmick anyway
I hope mine doesn’t. The payroll taxes will have to be made up later, so a larger paycheck this week will be offset by a smaller paycheck in the future.
I’d rather stick with the same paycheck both times.
Nope.
My husband and I are retired so we’re not affected but I wanted to see what I could find. This seems to affect federal employees and members of the military. I don’t see anything about “other” employers/employees.
“”Beginning with paychecks many federal employees and service members receive this week, agencies will not deduct the typical 6.2% employee portion of the Old Age Survivors Disability Insurance tax.””
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