Despite Questions, President Trump Issues Executive Order To Create Temporary Payroll Tax Cut
President Trump has signed Executive Orders that would alter the current payroll tax scheme.
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To be clear, the President is asking Treasury to look into whether those payroll taxes can be forgiven. For now, however, the Executive Order only allows for deferral. That means - without further action - that the taxes have to be paid. The deferral is effective for the period of September 1, 2020, through December 31, 2020.