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SurePayroll CEO Michael Alter on the fiscal cliff talks’ potential tax implications for small businesses and their employees.
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-- the IRS is saying that it intends to issue guidance by the end of the day on appropriate tax withholding is for the new year and in the meantime business.
Afghanistan's still waiting on a deal on the fiscal -- -- -- Washington Jeff -- is -- -- on his new Illinois with more job.
I am with the rooms share all of people who are on pins and needles as we speak if you think you are sitting at home.
-- worry about what's happening these people in this room are very worried about it.
Michael -- is the president and CEO of short payroll they process.
Payrolls for about 40000 small businesses all across the country and people right now are.
It's freaking out is too strong a term but somewhere in there and he certainly concerned they're concerned about what that taxes are going to be like in the future.
And for small business owners what does it mean -- their business you process cease these checks for about what is it 280000.
Pay checks -- pay period.
Are you ready for what ever happens here we get the president out here 45 minutes and we've -- we got to deal.
How quickly can you react to that.
Well we're gonna react as quickly as we can it depends on a couple things one we gotta wait for the IRS to release us.
What the official word is in terms of withholding taxes and what might Cheney said by the end of two day it will give you guidance what does that mean for we'll work as quickly as we can't get that in place and it depends on the degrees of those changes I'm hopeful we can do -- we've got -- Very good team and will will focus on you've got people working here this is New Year's Eve folks are worked in the and the and the -- calls are coming in from all over the country people wondering.
What will you do if you don't get -- We will continue to go with the current guidance and so that means that the payroll tax holiday that extra 2% that had.
People had been able to take out of their paycheck will come back and will be another 2%.
Out of their paycheck for Social Security that will continue going forward.
And we'll stay with the 2012 withholding as long as the IRS gives us that guidance and -- Michael says you know this is obviously as we know this is a huge hit for people.
Regardless.
You know particularly in the lower income levels.
These are people that are going to be paying more taxes in and do something we haven't done it along time in this country this pay more taxes.
It's common and on the screens.
Your paycheck is in process.
-- I look at me hit 400 box tiller and come American is a lot of money Jeff Flock thank you very much about live report Jeff thank you.
