Trump COVID19 Executive Orders [Signed 8/8]

New Payroll Tax Deferral (Possible Forgiveness)

There has been a massive update released via executive order on 8/8. 

More specifically, a newly enacted Payroll Tax Holiday may take into effect on September 1st, 2020, and will last through December 31st, 2020. 

It helps a business owner utilize those funds typically paid in taxes on other expenses, expansion opportunities, or help keep things afloat. 

As of today, these taxes will be a deferral and subject to be paid back after 12/31/2020. 

However, there are indications that the President may forgive the deferred payroll tax liability. 

In a press conference, the President mentioned that he is considering extending and terminating the taxes altogether, which will lead to possible forgiveness on the payroll taxes. 

Another critical item to mention is the payroll deferral will be on wages and compensation for employees who make under $10,00k/year, or $4,000/bi weekly payroll runs. 

The executive order will face challenges and maybe eventually overrule by the court system.

To stay up to date on the law's dynamic changes in 2020, and make sure you are taking advantage of all opportunities, please schedule a meeting with me here. 

https://bit.ly/33FZxvn

 If you want to walk through all other options on the table now that the Paycheck Protection Program has ended, let's talk. https://bit.ly/33FZxvn

Thanks,

Miguel A. Palma  CPA, PFS, CGMA

Book your appointment here:

https://bit.ly/33FZxvn

p: 925.307.5454

p: 408.295.4963

w: www.mpalma.com e: miguel@palmafinancial.com

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