President Donald Trump’s order to delay collection of payroll taxes thrusts a dilemma on U.S. companies: continue withholding the money from workers expecting bigger paychecks or pass it on and potentially put themselves or their employees at risk of a big end-of-year bill from the IRS.
President Donald Trump is tapping his presidential authority to make tax changes that Congress is refusing to do, but his limited power means he could end up over-promising and under-delivering on his pledge to slash IRS bills.
President Donald Trump’s move to halt the collection of taxes that fund America’s main support programs for the elderly spurred a wave of political opposition and threatens to generate tension between employers and workers.
The Internal Revenue Service is sending $500 payments to the children of some stimulus relief recipients who hadn’t gotten that part of the aid package after lawmakers complained that the agency wasn’t moving fast enough.
President Donald Trump said he is “talking about” doing a payroll-tax cut through an executive action, but doing so could result in hefty tax bills for employers later if the idea doesn’t get mired in legal challenges before then.