Here how Trump's payroll tax holiday will work:
Trump’s executive order directs the secretary of the Treasury to defer some payroll tax obligations.
But guidance released by the IRS on Aug. 28 specifies that any withheld payroll taxes that aren’t repaid between Jan. 1, and April 30, 2021 will be subject to interest and penalties.
It’s likely that Trump’s move to defer payroll taxes will face some pushback, even as implementation begins.
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