President Trump’s war on Tik-Tok, the Chinese video-sharing app that’s loaded with more spyware than James Bond’s latest car, illustrates just how ubiquitous those programs have become in our lives. Apple offers 2.2 million apps in their iStore. Apps help you do everything, from setting an alarm to wake you up in the morning to […]
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- DEADLINE to file S-Corporations and Partnerships that are currently on extension is September 15th
- Payment was due March 15, regardless of extension
- DEADLINE to file Personal income taxes that are currently on extension is October 15th
- Payment was due July 15, regardless of extension
- REMEMBER: There’s no extension to pay! If you owe, you will continue to accrue interest, even if you file an extension.
- 2020 Q3 ESTIMATES are due September 15, 2020
Click here for COVID-19 tax updates
MORE INFORMATION on STIMULUS MONEY (EIPs) HERE.
- Effective 9/1/2020 President Trump, through an executive order, has a NEW payroll tax deferral of 6.2% of your gross W2.
- This is your employEE Social Security tax and can be ‘deferred’ 9/1/2020 – 12/31/2020.
- The catch is that you will then have to ‘pay it back’ with extra withholdings 1/1/2021 – 4/31/2021.
- The choice to do this by an employER is an individual business choice. And each employee can opt out if they don’t want to do this.
- Trump says he will ‘try’ and have this ‘maybe’ not be repayable. Currently, that is discussion and talk only… not the law. It requires Congress to change this to a permanent situation.
- It is my opinion that this is fraught with problems since the IRS has stated that the employER must pay the tax back regardless if you were able to get the funds withheld from the employee in the future.
- What if the employEE no longer works for you?
- What if the employEE forgets about this original “gift” and blames you for this extra withholding?
