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The IRS has released a short update to answer questions from small businesses about how soon they should implement changes from the newly approved tax reform bill.
Currently, the IRS says it plans to “issue the withholding guidance some time in January, and employers and payroll service providers will be encouraged to implement the changes in February.” The updated information is supposed to be designed to work with the existing Forms W-4 that employees have already filed. This is to make certain no additional action by taxpaying employees will be needed regarding the amount of taxes that should be withheld for each individual.
The 2018 withholding guidelines should enable taxpayers to see changes from the tax reform bill reflected in their paychecks as early as February. Until the new tables are released, employers and payroll service providers are asked to continue to use the 2017 withholding tables and systems.
If you have any questions, please don’t hesitate to contact McRuer CPAs online or call us at 816.741.7882.
