Thursday, 13 August 2020_The US Chamber of Commerce warned the Treasury Department about “serious concerns” raised by President Donald Trump’s executive order for a deferral of payroll taxes.
Caroline Harris, the Chamber’s vice president of tax policy and economic development wrote a letter on Wednesday, cautioning Treasury Secretary Steven Mnuchin about “significant questions” remaining to be answered about Trump's decision to circumnavigate congress for the covid-19 relief.
“While the recently issued Executive Order (EO) on payroll tax deferral is well-intended to provide relief, it has raised serious concerns for both employers and employees,” Harris wrote.
She further warned about the uncertainty caused by Trump's decision how it will complicate payroll processes.
“The uncertainty raised by these issues, as well as myriad other issues not enumerated here, only exacerbates the challenges faced by payroll processors and compliance departments who are already struggling to implement this EO in an extremely short period of time,” she wrote.
Mnuchin and House Speaker Nancy Pelosi spoke by phone Wednesday earlier in the day but appeared to make no progress on the coronavirus relief package.
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