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IRS Unveils New Income Tax Withholding Guidelines

14 January 2018

The Treasury Department reports that approximately 90 percent of workers will instantly see larger paychecks once employers put the tax tables into practice, CNN Money reported.

The Thursday as it begins to adapt to changes in the tax law enacted last month.

But for many taxpayers, they will need to assess whether the new tables really are withholding enough money so that they're not saddled with a big bill when they file their taxes next year.

Lawmakers in blue states have been considering strategies to work around the federal tax overhaul's $10,000 cap for deductions on state and local taxes, or SALT, with some floating concepts that would allow taxpayers to make charitable donations to state funds, offsetting SALT. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form.

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Individuals may see increases in their paychecks as soon as February under updated 2018 withholding tables released by the IRS Jan. 11. "Taxpayers can not make these changes until the revised Form W-4 is published, which the IRS has announced will be forthcoming in the coming months". You might not have bothered looking at it since then and you should take this opportunity to review your withholdings and see if it is time to make some changes.

For people with simpler tax situations, the new tables are created to produce the correct amount of tax withholding. "With the child tax credit, like, 'Is it true that will increase?' Yes, it increases, but not with the 2017 tax year, for the 2018 tax year", said Curtis.

Notice 1036 also said that employers could withhold on supplemental wages of up to $1 million at a flat rate of 22 percent. "The IRS will work with the business and payroll community to encourage workers to file new Forms W-4 next year and share information on changes in the new tax law that impact withholding".

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.

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The goal of the new withholding tables is to help workers avoid a situation where they're either having too much or too little taken out of their checks each time they get paid.

In their letter, Wyden and Neal said the IRS lacks independent and nonpolitical leadership.

The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email. The tables reflect the rate changes made in the tax cut legislation passed by Congress in December.

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IRS Unveils New Income Tax Withholding Guidelines