This morning I've decided that the most important thing I can tell you about is a change to the tax table.
This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. 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. L. No. 115-97), the IRS said December 26. The IRS doesn't expect that to change much under the new tax law given the preference filers have shown for getting big refunds, rather than just breaking even or having to cut a new check to Uncle Sam when they file their returns.
"While these withholding tables are created to work with Forms W-4 that employees have already provided to employers, it is possible that taxpayers may need to make changes to their Forms W-4", Jennifer Breen, a partner in Morgan, Lewis & Bockius LLP's Washington office, said in an email.
"I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year", Wyden said.
That also means employees can't assume that the new, lower withholding rates will cover everything they owe Uncle Sam for this year. This rate would apply to the special bonuses distributed following the passage of tax overhaul. The IRS anticipates this calculator should be available by the end of February. Still, government officials warned employees to re-assess their own withholding to avoid upsetting their personal tax plans.
The Treasury Department released new withholding tables that ensure many Americans will see higher pay checks.
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