We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now.
Temporary Payroll Tax Relief -
The President has directed the Treasury Department to grant all employers the ability to defer payment of the employee portion of payroll taxes from September 1 to the end of 2020. This is limited to employees earning less than $100,000 per year. While this seems like a tax cut, since paychecks will be larger, this is actually only a deferral of taxes since they will still be owed at a later date.
Unemployment Benefits -
The $600 Federal unemployment benefit expired at the end of July. Congress has been debating different levels to extend this benefit. The President has allocated $400 a week of Federal funds for Americans currently out of work. The funds will be available through December 6 or until the Disaster Relief Fund is reduced by $25 billion. But, States are required to make up $100 of the $400 in extended benefits.
Eviction and Foreclosure Hardships -
President Trump has directed his administration to prevent residential evictions and foreclosures resulting from financial hardships caused by the COVID-19 pandemic. Specifically, the executive orders state that the administration will take all legal measures needed to prevent this activity.
Student Loan Relief -
The President already took immediate action to relieve student loan borrowers by creating 0% interest and suspending loan payments, initially for 60 days, but now through the executive order, has been extended through the end of 2020. However, the debt is not canceled forever, with principal payments on Dec. 31 and full payments to restart on January 1, 2021. The administration believes that some taxpayers will use this period of 0% interest to more quickly pay down their student loans.
What’s next?
We have included links to each executive order to read through the details.
Each month, we will send you a roundup of our latest blog content covering the tax and accounting tips & insights you need to know.
Helping individuals and businesses resolve IRS tax debt with professional guidance and personalized solutions.
We help individuals and businesses resolve IRS tax debt through customized tax relief strategies, payment solutions, and professional representation.
“Tax Relief R Us helped me stop IRS collection notices and guided me through the entire resolution process professionally and confidentially.”
Our experienced tax professionals work closely with individuals and businesses to create personalized IRS tax resolution strategies based on each unique financial situation. We focus on reducing tax debt, stopping collection actions, and providing long-term guidance with clear communication throughout the entire process. From installment agreements and penalty relief to audit representation and wage garnishment support, our team is committed to helping clients regain financial stability with confidence and peace of mind.
✔ Experienced IRS Tax Resolution Specialists
✔ Personalized Tax Relief Strategies
✔ Confidential & Professional Support
✔ Fast Response For Urgent Tax Issues
Eligibility depends on your financial situation, tax balance, income, expenses, and the type of IRS debt involved.
Yes. We help clients address IRS collection actions and explore available solutions to stop garnishments and levies.
An Offer In Compromise allows qualified taxpayers to settle IRS debt for less than the total amount owed.
Yes. Client information and financial details are handled with strict confidentiality and professionalism.
The timeline depends on the complexity of the case and the selected resolution strategy.
Yes. We provide tax resolution services for individuals, businesses, and self-employed professionals.
Whether you are facing IRS tax debt, wage garnishments, audits, or collection notices, our experienced tax professionals are here to help. Fill out the form below and receive a confidential consultation tailored to your financial situation.