Moore Financial Tips for Trying Times

  The is nothing to do regarding the tax deferral executive order, at present. Until there is direction from the government how employers are to implement the order, keep withholding and remitting Social Security and Medicare taxes. The order's beginning date is not until Sept 1.  The order could be challenged in court.  As written, it is possible the deferral will be optional.  There simply is not enough information known at present to be certain. Remember, the order is a tax "deferral".  At some point, unless there is a law change, the money will be owed by both the employee and the employer.   There is a seemingly reasonable opinion that barring ruling waiving the tax, many employees will choose NOT to defer to avoid a hefty tax bill Jan 1, 2021 (when the deferral, as written, expires).   Thanks to Medlin Payroll Software for the concise explanation of the executive order.