The following is an overview of some of the tax proposals discussed or introduced in Congress in October 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.
- Save our Social Security Now Act (House of Representatives Bill 8171): This bill, introduced Sept. 4, proposes to nullify certain executive actions to permit the delayed withholding and deposit of payroll taxes.
- Businesses Preparing for a Better Tomorrow Act (House of Representatives Bill 8260): This bill, introduced Sept. 15, proposes to provide a payroll tax credit for best practices training expenses associated with protecting employees from COVID-19.
IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law.
Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342
Stay Up To Date on Taxes that Affect You!! Subscribe to our General Taxpayer Weekly Tax Tip that includes bite-size and informative tips on tax and financial changes, Monthly Client Update Newsletter, and updates on our events and seminars. Follow CD Tax on Facebook!