‘A nightmare’: Trump’s payroll tax holiday kicked in this month – and businesses are not happy

After President Trump's payroll tax holiday kicked in on September 1, but tax experts are calling it unworkable.

"It's a nightmare for an employer," CPA Shauna Zobrist told Inc's Diana Ransom. "There are so many unknowns that become apparent when you start peeling back the layers."

Ransom points out that both the U.S. Treasury and the Internal Revenue Service confirmed that employers would be on the hook for repaying the government for any payroll taxes that their employees defer.

"The businesses in turn are supposed to collect the taxes from their employees, she writes. "That amounts to 6.2 percent of an employee's salary for Social Security and 1.45 percent for Medicare. The tax can be deferred from September 1 through December 31 of this year and recouped from January 1 through April 30, 2021."

Read the full article over at Inc.