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Jeff Paravano Comments on Need to Clarify Deadline for Deferred Payroll Taxes

News / August 14, 2020

Partner Jeff Paravano is quoted in an article published on Aug. 14, 2020, by Law 360 Tax Authority. In the article, “5 Topics Tax Pros Want Clarified in Payroll Tax Deferral Order,” Paravano talks about the payroll tax payment deadline. For now, there is no deadline on when the deferred taxes are due, and while Congress is the only entity by law that can forgive the taxes that are owed, Treasury could step in and provide employers with a generous extension of the eventual due date, Paravano said.

“If Congress doesn't act, Treasury will have to give employers a lot of time, maybe a couple of years, [because] all Treasury can do is allow the recoupment to be over an extended period of time ... so the recoupment of these deferred amounts has the smallest impact possible on the employees who benefited from the deferral," he told Law360.

Read the article (registration required).

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