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The new law requires digital apps and online marketplaces to send a tax form to both the IRS and a recipient who receives $600 or more a year in online payments.
May 30 -
The executive order provides "temporary relief for employers" to “pay the employee portion of Social Security payroll taxes,” confirms Republican Rep. Kevin Brady.
September 11 -
“Americans are relying on Social Security more than ever during this pandemic,” House Ways and Means Social Security subcommittee chairman John B. Larson wrote.
September 9 -
Trump’s order defers the payment deadline to the end of the year, though Treasury Secretary Steven Mnuchin has said company participation is optional.
August 28 -
The president has deferred payroll taxes that fund the program, and says he would eliminate them if elected to a second term.
August 27 -
Several significant changes are probably in store for next tax season.
August 24 -
The president said his action authorizes the U.S. Treasury to allow companies to defer — not suspend — payroll taxes for Americans making less than $100,000 a year from Sept. 1 through Dec. 31.
August 10 -
A proposal to increase payroll taxes is facing opposition from some lawmakers who believe millennial workers cannot afford to bear the brunt of higher payroll taxes.
April 17 -
A combination of slightly higher FICA taxes, plus further increases in the earnings cap, could fix the program for the next 75 years.
November 2