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Any companies participating in the payroll holiday?

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.


TOPICS: Business/Economy
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1 posted on 09/15/2020 5:18:24 AM PDT by maineman
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To: maineman

Should read: Payroll Tax Holiday.


2 posted on 09/15/2020 5:19:15 AM PDT by maineman (BC Eagles fan)
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To: maineman

My company is not participating.


3 posted on 09/15/2020 5:22:24 AM PDT by Starmanz
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To: maineman

Mine isn’t. And I’m a contractor. The client site isn’t either.


4 posted on 09/15/2020 5:23:20 AM PDT by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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To: maineman

Neither is mine.


5 posted on 09/15/2020 5:32:03 AM PDT by DaiHuy (May God save the country, for it is evident the people will not! Millard Fillmore)
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To: maineman

Isn’t it a tax deferral?

You’ll still owe the taxes.


6 posted on 09/15/2020 5:35:37 AM PDT by dhs12345
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To: maineman

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.


7 posted on 09/15/2020 5:38:22 AM PDT by napscoordinator (Trump/Hunter, jr for President/Vice President 2016)
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To: maineman
Mine is not was just decided yesterday.
I have not heard of any that are.
I think the repayment should have been stretched out.
A 90 day tax holiday with 180 days to pay it even and there might have been more interest imo.
A good idea but a few months late and in the end kind of a wash financially speaking imo.
8 posted on 09/15/2020 5:45:23 AM PDT by thinkthenpost
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To: maineman

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


9 posted on 09/15/2020 5:46:11 AM PDT by MarkL (Do I really look like a guy with a plan?)
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To: maineman

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.


10 posted on 09/15/2020 5:46:31 AM PDT by SisterK (its a spiritual war)
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To: maineman

You can either pay now or pay later.

And the IRS hopes people get caught up in the scheme to issue penalties.


11 posted on 09/15/2020 5:47:30 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: maineman

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


12 posted on 09/15/2020 6:04:34 AM PDT by ncfool (Trump - Keep America Great 2020)
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To: maineman

Mine is not participating.


13 posted on 09/15/2020 6:06:02 AM PDT by cyclotic (The most dangerous people are the ones that feel the most helpless)
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To: maineman

None I know of. It makes no business sense.


14 posted on 09/15/2020 6:11:31 AM PDT by CodeToad (Arm Up! They Have!)
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To: thinkthenpost

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.


15 posted on 09/15/2020 6:12:37 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: maineman

Mine isn’t. I would rather pay now than pay later.


16 posted on 09/15/2020 6:15:16 AM PDT by NEPA (Repeal the 17th)
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To: maineman

Just the feds. It was a bad gimmick anyway


17 posted on 09/15/2020 6:17:04 AM PDT by AppyPappy (How many fingers am I holding up, Winston?)
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To: maineman

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.


18 posted on 09/15/2020 6:17:29 AM PDT by Yo-Yo ( is the /sarc tag really necessary?)
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To: maineman

Nope.


19 posted on 09/15/2020 6:24:32 AM PDT by tbw2
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To: maineman

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.

https://www.govexec.com/pay-benefits/2020/09/omb-fails-offer-new-info-payroll-tax-deferral-memo/168458/

“”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.””


20 posted on 09/15/2020 6:31:31 AM PDT by Thank You Rush
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