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teknolojiarsivi.com January 18, 2018


IRS Unveils New Income Tax Withholding Guidelines

14 January 2018, 12:11 | Floyd Cook

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The IRS also plans to release a new tax withholding calculator on its website late next month to help individual taxpayers determine the correct amount of withholding.

Mnuchin spoke shortly after Treasury and the IRS issued an update to the IRS formula that employers use to estimate employees' tax bills.

In the letter, Wyden and Neal said that withholding too little in taxes presents "a considerable problem and undue hardship".

The Internal Revenue Service will need to hire "a significant number of people" to implement the new GOP tax law.

"This new guidance will mean that workers and their families will receive larger paychecks starting in February", said Treasury Secretary Steven Mnuchin.

Nine out of 10 taxpayers will see a boost in their take-home pay within the coming weeks, House Ways and Means Committee Chairman Kevin Brady (R-Texas) said in a January 11 statement.


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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