As you may know, President Trump included a payroll tax deferral in a recent round of executive orders after Congress stalled on CARES Act 4. There is a lot of confusion an a number of unanswered questions but I wanted to give an update to you that was presented at today’s New Mexico Chamber Executives meeting where Gallup CPA Brett Newberry addressed the group.
The deferrals are slated to start on Sept. 1 and run through Dec. 31. It is unknown whether the deferral will be forgiven or exactly how it will be repaid if not forgiven. We also don’t yet have paperwork from Treasury Dept. as far as an employee selection.
Brett’s feeling was that while employees have the ability to opt out, employers will probably have to allow it if an employee wants the deferral.
Here are a couple of Youtube links to share with your payroll personnel as well as an attachment he shared with us that shows the questions the CPA group he belongs to has sent to the government.
https://www.youtube.com/watch?
https://www.youtube.com/watch?
I’ll update everyone as we get more information.
Karl Terry, Executive Director
Roosevelt County Chamber of Commerce
100 S. Avenue A
Portales, NM 88130
(575) 356-8541 or (800) 635-8036
