How Employers Should Implement the President’s Payroll Tax Relief for Employees from Lane Powell
The stalemate in Congress over supplemental unemployment benefits during the COVID-19 pandemic, and President Trump’s most recent proclamations of relief, leave employers caught in the middle. A key proponent of the President’s initiatives includes a Social Security tax holiday for employees, but that effort is causing chaos not only because it may not be enforceable but also because it tries to defer but does not (and cannot) eliminate the tax obligation. Accordingly, it leaves employers both confused how to implement and vulnerable to penalties if they get it wrong. For now, the best approach is to do nothing.
Learn MORE about what the Memorandum does and doesn’t do.
Questions?
Contact:
Lewis Horowitz
Taxation Team Chair
horowitzl@lanepowell.com
206.223.7401
Craig Day
Counsel to the Firm
dayc@lanepowell.com
206.654.7819
Eric Kodesch
Shareholder
kodesche@lanepowell.com
503.778.2107