ARLINGTON, Va.–New guidance from the Treasury Department on the Trump Administration’s proposed payroll tax holiday has NAFCU looking for anything new that might affect credit unions’ potential participation.
The guidance was issued Friday by Treasury, but it’s not yet known if it will do anything to affect the rather cool reception the idea of a payroll tax holiday has gotten from most businesses.
The proposal, aimed at providing economic relief during the pandemic, has raised a number of legal and logistical questions for both employers and employees. The holiday is just that, a suspension of the money companies withhold from employee earnings, and the funds would need to be repaid in 2021.
NAFCU’s Carrie Hunt said the organization is reviewing the guidance around the voluntary program and will work with any member credit unions that are seeking to implement it. She said some NAFCU CUs have made inquiries, but said she wasn’t aware of any credit unions that have opted to take the tax holiday.
She noted it raises a number of questions, too, for employees who would owe taxes.
Questions During Caucus
Separately, as CUToday.info has reported separately, CUNA has cancelled its physical 2021 Governmental Affairs Conference (GAC) in favor of a virtual event. But before that annual Washington get-together takes place, NAFCU will be hosting its own Congressional Caucus in a virtual environment in mid-September.
Hunt said some of the presentations will be prerecorded, but others will be live and that participants will be able to ask questions of some speakers as NAFCU seeks to make things more interactive.
Hunt said participants will be able to submit questions ahead of some presentations, and that she will also be acting as a moderator and will be watching the participant feed for questions that can also be asked.