Tax Resolution Attorney John P. Willis Writes About The Executive Order That Allows Employers To Defer Social Security Tax Withdrawal.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR elaborates on the details of the executive order that gives employers the ability to defer withholding social security taxes warning that it might sound good, but deserves deeper consideration.
Fairhope, AL, September 24, 2020: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “Payback Is Hell,” in which Mr. Willis encourages his readers to “think long and hard before jumping in.”
Willis writes, “Remember this saying when considering whether or not to follow the Executive Order of the deferral of employee Social Security Tax. The deferral may sound good to you as an employer and to employees now, but payback could really be hellish.” He adds, “In other words, unless it’s going to mean the difference between life and death for your employees, you might want to think long and hard before jumping in.”
As Willis points out, “If you were to participate in deferring the withholding of Social Security tax, that would result in a very slight increase in your employees’ take-home pay for a couple of months. It would also mean costs associated with implementing such a change, to decrease withholdings for four months.” He further elaborates, “The deferral begins September 1, 2020 and goes through December 31, 2020. Afterwards, you would then have costs associated with increasing the withholdings back to more than the ordinary levels until the appropriate amount is recovered from the employee.”
“The good news,” writes Willis, “is that this executive order is not mandatory. Likewise,” he continues, “your employees cannot force you to do it. However, if you choose, you can offer the deferral to employees on a voluntary basis. That is up to your discretion.”
The entire blog can be read at: http://www.irsallstar.com/blog/payback-is-hell.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 21 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://www.irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.