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Battling it out over a bill to extend the payroll tax cut if they can't reach an agreement workers could see a tax hike on March 1 but.
We have a CEO -- says the fact that congress still hasn't made a decision at all is already.
Hurting American workers and particularly their businesses Chad Richardson is the CEO of -- -- And he joins us now Chad thank you so much for coming in appreciate itself for -- first overall question do you think that the politicians most of whom have never.
Had to meet a payroll understand.
How this can really be screwing up the accounts of a lot of businesses.
-- -- and I don't actually.
You know this is the third time we've been through this we went through this on December 15 of 2010.
We went -- pretty much -- Christmas Eve.
And in 2011.
And now here we are.
Less stand -- three weeks away from a somewhat punitive deadline.
And we're waiting again well and again that -- there the deadline it's up about two months beyond the -- even if they pass this two month extension.
Nobody does things in two months in the corporate community they -- -- -- quarterly basis so I think that alone that there would be a two month extension rather than a four month.
Or Euro extension tells you a lot.
It does and actually there's two issues of me first is the deadline and that is that by February 20 ninth.
Thirteen million businesses we'll party process their payroll -- -- party paid seventy million Americans and in as you know again if if you are to be paid this Friday.
Your pay period ended last Friday or maybe even before that your payroll person right now is working on your payroll so that they can -- -- through the ACH system.
So that you would have access to your money on Friday so.
February 20 ninth as the deadline is the first issue -- going to make -- change the change needs to happen this week every week that goes on.
More and more businesses are impacted and what are they today but they too overweight told.
Or under withheld each of the -- consequences for most both the employer.
As well as the employee in the second issue you brought up was the two months.
It makes no sense employers sense -- security.
Since the social security act that was established in the 1930s.
Have always reconciled this on -- 941 every quarter.
And employees have always that reconcile that -- annually on a W two itself.
How that would happen again we're in the business of doing this and no matter what happens -- make it happen for customers at our expense not theirs.
You know eventually get to where you can't make two plus two equals five and calling you consider it I -- you over -- guys have a computer in the personnel and and all this software necessary to do it a lot of the small businesses don't.
Yeah that's right what is the family owned pet shop business do where the person is it -- and payroll company and actually do that themselves.
They may be clean in the cages ordering inventory.
Doing the -- and payroll is a piece of what they did and let's remember this is a very unforgiving business this is a deadline this it's -- people expect -- checks to be in their accounts on time.
-- penalized if you if you don't make the correct tax deposits at the appropriate time.
Or if you fill out the forms wrong so you know we're really messing with something that impacts everybody when you pick on payroll you pick on every.
And particularly this -- on the small guys -- in the big guys who can afford of all or lawyers and accounts.
Chad thank you very much for coming -- appreciates telling us what it's all about -- Richardson.
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