[NA]Collecting payroll tax not required? [NA]

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Dave Taylor
I am trying to figure out the new E.O. regarding collection of SS tax.
(any one know a better link than what Im seeing?)
Can we (biz owners) simply choose to ignore the option?
Ie., continue to collect & remit SS tax?
I really don’t want to be chasing employee for this tax later.
Hoping Im reading it wrong
 
I may be wrong, but I'm under the impression it's up to the employee to pay it back, It's not your job as an employer to chase them down later:
https://www.npr.org/2020/08/12/9014...-to-boost-take-home-pay-but-dont-spend-it-yet

As an employee, I would prefer your approach to it, but I don't know whether you have a choice. I'd have to save it just to make sure I have it to pay back next year, as I otherwise neither owe much, or get much, after filing taxes.
 
WSJ mentioned many large corporations are not opting in to not with hold.
“Implementation would be optional for employers, and larger employers have been wary about participating because they could also face potential tax liability, particularly for workers who leave their jobs and aren’t subject to withholding in early 2021.”

Could be paywall, I’m a aubscriber: https://www.wsj.com/articles/trump-...m7jp818270npa7k&reflink=article_copyURL_share
 
My payroll program does not offer the option to discontinue SS tax collection.
I also don't see any required notification of employees so they have to learn about this themselves, it's not up to me.
 
Bob Noel said:
So, I'm a little confused. The IRS is part of the Treasury part of the Executive Branch ...or am I mistaken?

so ?????
Click to expand...

That would be about the 'collect' part of lay and collect. There's only about 500 or so them. They can't do it themselves. I see nothing that says they can't direct who will do the physical act of collection. Nor anything that says if they don't like how it's being done that they can't 'hire' someone else to do it. That of course would probably take 2/3 of them to agree on it.
 
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IBTL

Having the cash now would benefit the average wage earner. Having a "smaller" tax return is the horse**** thinking of morons who think tax returns are income. Even with this forbearance the total tax paid will be the same.

But you have to have a clue to understand. Pay me now, or pay me later, the tax collector is gonna get it.
 
Ravioli said:
IBTL

Having the cash now would benefit the average wage earner. Having a "smaller" tax return is the horse**** thinking of morons who think tax returns are income. Even with this forbearance the total tax paid will be the same.

But you have to have a clue to understand. Pay me now, or pay me later, the tax collector is gonna get it.
Click to expand...

It’s the JG Wentworth plan of stimulus! LOL.

Kinda like those who are deferring mortgages but didn’t use the time to sell the thing they now can’t afford... just digging a really big hole with an enormous shovel...
 
IBTL

As a treasurer for my Church, but not being a CPA or any such thing, I'm just hoping it is appropriate for me to continue to withhold taxes (and remit them to the US Treasurery) just as if this option(?) to defer them never happened.
 
Bob Noel said:
IBTL

As a treasurer for my Church, but not being a CPA or any such thing, I'm just hoping it is appropriate for me to continue to withhold taxes (and remit them to the US Treasurery) just as if this option(?) to defer them never happened.
Click to expand...
Consult your accountant.
 
My employer is still deducting the taxes, and I assume paying them to the Feds.

I don't see the point of this. If you're still employed, you should be OK, it's those that have lost their jobs that need help, and this has done nothing for them.
 
My employer is still deducting the taxes, and I assume paying them to the Feds.

I don't see the point of this. If you're still employed, you should be OK, it's those that have lost their jobs that need help, and this has done nothing for them.
 
My employer is still deducting the taxes, and I assume paying them to the Feds.

I don't see the point of this. If you're still employed, you should be OK, it's those that have lost their jobs that need help, and this has done nothing for them.
 
FormerHangie said:
My employer is still deducting the taxes, and I assume paying them to the Feds.

...
Click to expand...

It is my understanding that the deferment doesn't start until 1 September 2020.
 
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