Jeffrey Paravano Comments on Executive Order to Defer Payroll Taxes

News / August 12, 2020

Partner Jeffrey Paravano is quoted in articles published Aug. 11 and Aug. 12, 2020, by Bloomberg Law and Both articles report on reactions to President Trump’s executive order to defer payroll taxes, as well as a report that the president is considering a capital gains tax cut.

In the Bloomberg Law article, “Trump’s Payroll Tax Deferral Leaves Big Questions for Treasury,” Paravano comments on the possibility that the deferred payroll taxes might eventually be forgiven. “If it won’t be forgiven, it can create financial hardship for the employees, depending on how much time Treasury gives the employees to pay it back,” Paravano said.

The ThinkAdvisor article, “Trump Looking ‘Seriously’ at Capital Gains Tax Cut,” quotes from a client alert authored by Paravano regarding the payroll tax deferral, and also quotes Paravano regarding potential legal challenges to Trump’s executive orders. He said, “Most attorneys believe that the orders themselves will survive any legal challenge. If an agency implementing the orders takes steps within Congress’ prerogative, a challenge could be appropriate at that time.” He added, “To the extent benefits are being provided to those in need pursuant to the orders, challenges may be frowned upon if they put government assistance at risk.”

Bloomberg Law (registration required).



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