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An executive action President Trump issued Saturday on the deferral of payroll taxes could put more money in your pocket soon. Much is still unknown about how the order will be implemented, but experts say to keep a few things in mind before making plans for that extra cash.1. It’s temporaryMany employees have a 6.2% Social Security tax withheld from their paychecks and remitted to the IRS on their behalf by their employer. “The executive order defers the withholding, deposit and payment of the tax,” says Matthew Keefer, a certified public accountant at Gorfine, Schiller & Gardyn in Owings Mills, Maryland. The deferral period runs from Sept. 1 through Dec. 31.2. You may not qualifyThe deferral is available only to employees whose pretax wages or compensation is generally less than ,000 biweekly, which works out to around 0,000 a year. And currently it doesn’t apply to people who are self-employed, notes Pete Isberg, vice president of government relations at human resources services firm ADP.3. The taxes are due eventually“This is a deferral of taxes, not a forgiveness of taxes,” says Michael Graetz, a tax law professor at Columbia University Law School in New York. “So at the end of the deferral period, all of those taxes will be owed unless Congress changes the law to say that they’re forgiven.”4. Consider setting the extra money aside for nowIf your employer stops withholding and you see a boost in your pay because of it, you might want to hang on to that cash for now, Keefer says. “Unless legislation is passed, the deferred tax from the executive order will be repaid in the future,” he says. Another option, Isberg adds, is to tell your employer to withhold additional money by filling out a new form W-4 at work.Of course, not all households can afford to set money aside these days. Still, if you need the money from this tax deferral now, don’t lose sight of the fact it could mean a tax bill later.5. Some employers may just keep withholding the tax anywayIt can take time for employers to revamp payroll systems, especially if they’re not using a payroll processing company, according to Isberg. Also, employers can be liable for employment taxes, even if they don’t withhold them, he says. “Employers know that, and they’re going to realize that, ‘Look, if I do this, could the IRS come back to me in January and just assess the full amount that should have been withheld?’ Well, technically they can,” Isberg explains.Most employers won’t want to ask their employees to repay four months of taxes, Graetz adds. “This turns out to be a very complicated problem,” he says.More From NerdWalletSome Taxpayers Face a Desperate Wait for IRS RefundsHow to Work Around Delays in Major IRS FunctionsIRS Data: Refunds Lag as Agency, Tax Filers Slow DownTina Orem is a writer at NerdWallet. Email: torem@nerdwallet.com. 2862

ANCHORAGE, Alaska (AP) — The Department of the Interior has approved an oil and gas leasing program within Alaska’s Arctic National Wildlife Refuge.The refuge is home to polar bears, caribou and other wildlife.Secretary of the Interior David Bernhardt signed the Record of Decision, which will determine where oil and gas leasing will take place in the refuge’s coastal plain.He said in a statement Monday it was a significant step in determining where and under what conditions oil and gas development will occur.Congress approved the program in 2017, and the Interior’s Bureau of Land Management in December 2018 concluded drilling could be conducted within the coastal plain area without harming wildlife. 716

Apple fans can finally turn themselves into an animated pig emoji on their very own iPhone X. The 9 Apple smartphone went on sale at 8 a.m. in Sydney, Australia.Hundreds of people lined-up outside the Sydney Apple Store,?according to local media. As is customary for an Apple product launch, some people camped out the sidewalk for days and even a week before the launch. People who pre-ordered online will also start receiving their devices in the mail on Friday.Apple is trying something new this year, launching two different iPhone models six weeks apart. The iPhone 8 and 8 Plus went on sale September 21, but?excitement was tepid?outside Apple Stores compared to previous releases. Fewer people appeared to line up in person for that device, which cost hundreds less than the iPhone X. 802

ARLINGTON, Va. – The Transportation Security Administration (TSA) says it screened more travelers on the day before Thanksgiving than any day since March 16, around the time the COVID-19 pandemic hit the U.S.TSA spokesperson Lisa Farbstein announced on Twitter Thursday that the administration screened 1,070,967 people at its checkpoints nationwide on Wednesday.“It's the highest volume since March 16 and only the 4th time passenger throughput has topped 1 million since that date,” wrote Farbstein.Still, air travel is significantly down, compared to in 2019. Last year, TSA says 2,602,631 people were screened on Thanksgiving eve. That’s more than double the amount screened this year.As coronavirus cases spike throughout the country, the Centers for Disease Control and Prevention (CDC) is advising not to travel to visit loved ones this Thanksgiving. Officials want Americans to avoid spreading the coronavirus, especially to those most vulnerable, like the elderly.Instead, the CDC is suggesting that Americans should stay home and celebrate turkey day with the people they live with."Gatherings with family and friends who do not live with you can increase the chances of getting or spreading COVID-19 or the flu," the CDC says. 1245

Anderson Cooper's interview with Stephanie Clifford, the adult film star known as Stormy Daniels, is set to air on "60 Minutes" on Sunday, March 25.The interview was taped last week. The air date has not been officially announced. But two sources involved with the story told CNN that it has always been slated for March 25.There have been loud calls -- particularly from Trump critics -- for CBS to televise the interview sooner, given the swirling questions about her alleged relationship with Donald Trump and her acceptance of hush money shortly before Trump was elected president. Trump's lawyer and the White House have denied allegations of an affair.The newsmagazine routinely takes weeks to edit its stories. In this case, "60 Minutes" producers wanted time to vet the allegations that Clifford leveled in the interview.There were also some practical scheduling concerns. When Cooper landed the Daniels interview, CBS had already announced an exclusive interview with the Saudi crown prince Mohammed bin Salman.Norah O'Donnell's sit-down marked the first time a U.S. TV network has interviewed a Saudi leader since 2005. The hard-to-move interview is airing this Sunday.A CBS spokesman declined to comment on the Clifford interview. "60 Minutes" usually doesn't announce its stories until a few days before air.But Cooper's interview with Clifford was revealed when her publicity-savvy lawyer Michael Avenatti tweeted out a picture of them together last week.Since then, the content of the interview has been shrouded in mystery.The interview is a scoop for both Cooper and "60 Minutes." Cooper is both a full-time anchor on CNN and a part-time correspondent for "60 Minutes." He has been a contributor to the newsmagazine for over a decade.Avenatti said on CNN's "New Day" on Friday that he doesn't know the "definitive date" of the interview, but had read a Washington Post report that March 25 is the tentative date.Referring to CBS, he said, "They want to make sure they get it right. They're crossing every t, they're dotting every i, they understand the importance of this."Avenatti also said that Daniels "was physically threatened to stay silent."He did not say who threatened her, but he indicated that the "60 Minutes" interview contains more information.Clifford can provide "very specific details," he said. "When people tune in, I think they're going to learn what happened."The-CNN-Wire 2417

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