Implications of Trump’s Payroll Tax Delay

On Saturday, August 8th, 2020, President Trump signed four executive orders including a directive to defer collections on Social Security payroll tax for workers making less than $104,000 annually. This executive order comes in the midst of Congress strategizing on an additional pandemic relief plan. Workers usually pay 6.2% of their wages up to $137,000 annually to fund Social Security. The executive order would halt this withholding starting September 1st through the end of the year in order to increase take home pay and encourage spending. It will not apply to the unemployed or those who work as contractors. The IRS and Treasury department are in charge of ironing out the details and developing a plan to implement this directive. … Read More

2019 Tax Refund Delays – What You Should Know

Earlier this year the IRS extended the April 15th tax deadline to July 15th, 2020 because of the COVID-19 pandemic. Hopefully, you have either filed your return or filed an extension. With the filing deadline behind us, one thing on the minds of several taxpayers is their refund status. There are a few reasons why your refund may take longer than usual. The IRS closed their offices back in March due to the pandemic and were put in charge to distribute stimulus checks back in April with a limited staff. In June, the IRS was able to reopen under limited capacity. Outside of this pandemic, 90% of returns will receive their refund within 21 days of filing. This could still … Read More