The payroll tax deferral plan President Donald Trump authorized as part of a series of executive orders could result in higher tax bills for workers in 2021, tax experts said.
The order also puts the Treasury Department in charge of releasing guidance, but accountants and payroll providers worry that a flurry of unforeseen tax consequences could await employees and their firms next year.
"I'm sure the executive order is intended to prompt congressional action," he said. "It puts pressure on Congress to follow through with corresponding legislation or the employees will owe the tax at the end of the year."This year, the CARES Act gave companies some relief by allowing them to defer their share of this year's payroll taxes: 50% will be due in 2021 and the remainder must be paid in 2022.
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