Payroll Tax Executive Order

unknown

Hi - Just wondering what approach companies are considering for implementing the temporary Payroll Tax Executive Order effective 9/1/2020. 

Are you moving forward with the updates, are you holding off for more information to be released or has your employer simply decided not to implement?

If you are implementing, are you going to base it off of actual gross during the pay period (i.e. the PR140) and then updating the deduction cycles and rerunning your PR140 or are you going to base the $4000 threshold on standard hours? 

Or do you have a completely different approach?

We are in the midst of discussing and researching and want to see where others are at with this.

Thanks!

unknown

Hi Barbdh, our sr mgmt has decided not to implement (for now) for these these reasons:

1. The IRS/Treasury has provided no actual guidance or instructions for how to implement. We are not going to try to read anyone's mind.

2. If they do give guidance, by the time Infor and we would have it implemented, the tax holiday will be over.

2. They don't think all employees understand that the money has to be paid back at some point, and they don't want to deal with the after effects..