The U.S. Treasury Department has yet to tell companies how to handle President Donald Trump's executive order delaying the due date for employee payroll taxes—which has left employers in the lurch.
It's been two weeks since Trump issued a directive deferring the deadline to pay workers' portions of Social Security taxes from September 1 through the end of 2020. But employers, who are responsible for submitting those payments to the Internal Revenue Service (IRS), are waiting to hear from the agency on how the tax bill will be handled when it eventually comes due.
Trump touted the payroll tax deferral as a boost for workers as the economy reels from the coronavirus pandemic. However, some companies have already shied away from implementing it because the taxes would ultimately have to be paid unless Congress acts to forgive the liability.
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