Tuesday, 16 January 2018
Latest news
Main » IRS Unveils New Income Tax Withholding Guidelines

IRS Unveils New Income Tax Withholding Guidelines

14 January 2018

The revisions are also aimed at avoiding over- and under-withholding of tax as much as possible.

"Under our laws, if you have a wallet to own bitcoins, that company has the same obligation as a bank to know your customer", Treasury Secretary Steven Mnuchin said Friday.

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. Meanwhile, tax professionals say there are some other things you need to do now to get ready for tax season next year.

The agency also published a list of frequently asked questions to accompany the new tables.

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

The new withholding tables take into account a variety of changes brought about by the passage of the GOP's revamped tax code. L. No. 115-97), the IRS said December 26.

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.

The IRS is not issuing new Form W-4s ... yet. For supplemental wage amounts in excess of $1 million in a year, employers are required to apply the highest tax rate to those payments, 37 percent.

States try to withdraw from offshore drilling
Rick Scott . "New York doesn't want drilling off our coast either". "Where do we sign up for a waiver?" Republican Gov. The only coastal governor - Democrat or Republican - seemingly supportive of the plan is Republican Gov.

The updated withholding information, posted today on IRS.gov, shows the new rates for employers to use during 2018. It expects to have the latest and greatest calculator available by the end of February.

Most people fill out their W-4 form when they're hired at a new job and don't change it unless they get married, have kids, get divorced or experience other life-changing situations.

More than ever, employees have to examine their withholding to translate and match their expected tax liability in 2018, said Michael O'Toole, senior director of publications, education, and government relations with the American Payroll Association. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

The Treasury Department could be under "substantial pressure" to guarantee tax cuts to households by withholding too little from paychecks, Sen.

Wyden and Neal have asked the Government Accountability Office to investigate their concerns.

Treasury Secretary Steven Mnuchin at the White House press briefing on Thursday dismissed suspicions that administration is "juicing" the tables as a "ridiculous charge".

The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made.

IRS Unveils New Income Tax Withholding Guidelines