To Keep Paychecks Consistent, NHRMC Will Not Participate in ‘Tax Holiday’

September 11, 2020

An executive order that allows for a temporary “tax holiday” has many staff asking whether NHRMC will participate. After evaluating its impact on the team, NHRMC has decided we will not participate.

The order says businesses could stop withholding federal payroll taxes for employees for the remainder of calendar year 2020. The order was designed to allow for employees to have more money on hand in the short term. But, the money would still be owed and would come in a doubling of tax withholdings early next year.

Recognizing that the inconsistency in payroll tax withholding could create more issues than it solves, NHRMC will withhold government taxes on the usual schedule.

We will continue to monitor changes in payroll tax regulation and provide updates as needed.   Please contact [email protected] with any additional questions or concerns.