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Payroll Tax Deferral Discussion

Tuesday, September 22 at 10am

In August, President Trump signed an Executive Order that would allow businesses to defer the payment of Social Security payroll roll taxes of most employees between September 1 and the end of 2020. This is a complicated issue with a number of open questions that have yet to be clarified by the IRS. Importantly, this is a deferral of payroll taxes. Without Congressional action at some future date, the taxes withheld now will need to be repaid between January and April 2021. The IRS has issued guidance here. Employers should consult with their accountants, auditors and/or attorneys before proceeding.

 


Sherri is the managing partner of Reiser, Chinski & Co., LLP which is a local accounting firm in Bloomington.  The firm provides accounting, payroll, tax and consulting services to businesses as well as individuals.  It was established in 1998 which makes this their 22nd year in business.  Sherri is one of the many in our community that came here for college and never left.  She is a proud graduate of Illinois State University.  She has served on several charities’ Board of Directors, been a committee member, board member and Chairman of the McLean County Chamber of Commerce, and she is involved with a national peer networking group through the AICPA that she co-chaired in the past.  She lives in Bloomington with her husband and two teenage daughters.