New Tax Law Impacts On Employee Paychecks

The New Tax Law and Your Withholding Rates

For our small business owners wondering about the tax reform bill recently passed, we have good news and a short overview.

tax reformThe IRS has released the new withholding tables for 2018 reflecting changes made by the tax reform legislation passed at the end of 2017.

The software platform used to process your payroll is currently being updated in accordance with the IRS guidelines and you will begin to see these changes (if applicable) shortly!

They provided an update on their website:

“The IRS appreciates the help from the payroll community working with us on these important changes,” said Acting IRS Commissioner David Kautter. “Payroll withholding can be complicated, and the needs of taxpayers vary based on their personal financial situation. In the weeks ahead, the IRS will be providing more information to help people understand and review these changes.”

Per the IRS, new withholding rates are to be used no later than February 15th.

The W4 Form

Regarding IRS Form W4, the IRS is working on revising the form to more fully reflect the new law. It is anticipated that the new W4 will be available “soon” but we are not given an exact time frame. We’ll keep you updated.

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