Payroll tax exective order

[Rapid Robert]

Employers will be required to do it. Otherwise, it doesn't really make sense if it is an optional thing.

But should employees be required to do it?

Of course it doesn't make sense, any way you look at it. And won't lawsuits put it on hold before it gets off the ground anyway?

"hurt their standing in the elections if they don't have it forgiven. I think the President effectively is 'forcing' Congress to do it."

Wouldn't Congress have until sometime after election day to make a decision?

[TaxGuyBill]

Until we do receive guidance, here are some of my personal opinions on the matter:

1. Employers will be required to do it. Otherwise, it doesn't really make sense if it is an optional thing.
2. Employers should keep track of the amount 'saved' by each employee, and have a contract or notification to the employees that if it is NOT forgiven, the repayment of that amount is due (a) on their first paycheck after December 31st or (b) on their final paycheck if they quit earlier.
3. There could be a reconciliation on the 1040 for the employees.
4. Congress will almost need to have it forgiven. The backlash and the effect on the economy would be bad if they don't, and it would hurt their standing in the elections if they don't have it forgiven. I think the President effectively is 'forcing' Congress to do it.

[kathyc2]

Here's the actual text: https://www.whitehouse.gov/president...d-19-disaster/

Says Mnunchin "shall issue guidance".

[MDEA]

I would not do any thing regarding this without IRS guidance.

[Dusty2004]

Does anyone have any information / links on what the actual order is and how it is to be implemented? I have not found much at this point.

Do employers have to do this?

Do they have to send it in?

Who will have to repay this if Congress does not agree?

Thanks,

Dusty