Are these taxes forgivable?
I am starting a new section on The Entrepreneurist called Small Biz Insights, which will cover the pressing issues affecting underrepresented entrepreneurs and small business owners.
Today I want to talk about the White House’s deferred payroll-tax withholding that starts on September 1, 2020, and ends on December 31, 2020. Will it hurt or help small businesses?
Will small business owners hold onto their payroll funds in case they have to repay it after December 31, 2020, or will they use these funds to reinvest in their business with the expectation that they won't have to repay these funds.
To be clear, this is only an executive order, and deferred payroll-taxes might not be forgiving later. That responsibility falls on Congress.
I am interested in hearing your thoughts and strategies on how are you going to use the Deferred payroll funds?