Horti tax experts offer guidance

21-09-2020    14:24   |    Greenhouse Grower

National agricultural tax firm K·Coe Isom, which partners with AmericanHort on tax-related matters affecting horticulture, recently released guidance around the temporary payroll tax deferral. The guidance provides important details, scenarios, key dates, and numbers. The Internal Revenue Service released an official notice of the deferral on August 28.

The payroll tax deferral has been in the works since early August when the President signed an executive order to allow deferment of withholding, deposit, and payment of employees’ social security taxes. The deferral was set to run through the end of the year.

The applicable pay threshold for this deferral is the equivalent of $104,000 a year but also depends on the frequency in which an employee is paid. If taxes are ultimately deferred, they must be paid back at a rate during pay periods between Jan. 1 and April 30, 2021.

K-Coe Isom’s guidance can be found here.

Source and Photo Courtesy of Greenhouse Grower

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