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On Feb. 28, the IRS announced a new version of Form W-4 and an updated Withholding Calculator, incorporating changes made under the new tax law.
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On Feb. 28, the IRS announced a new version of Form W-4 and an updated Withholding Calculator, incorporating changes made under the Tax Cuts and Jobs Act.
Acting IRS Commissioner, David Kautter, said, “Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation.”
The IRS released the new withholding tables back in January—and your clients have likely already seen a change in their paychecks—but now with the update of the W-4, it’s a good idea to check in with clients and make sure they’ve adjusted their withholding accordingly for 2018.
The IRS suggests every taxpayer do a “paycheck checkup” but especially taxpayers in the following groups:
The easiest way for your clients to check their withholding is by using the updated Withholding Calculator. In order to use the calculator, your clients will need their most recent pay stub and a copy of their completed 2017 tax return. They can reuse the calculator anytime throughout the year if their circumstances change.
Keep in mind, the IRS plans to make more withholding changes in 2019.
Need more IRS guidance? Check out our guide to IRS notices here.
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Eva Rosenberg, MBA, EA, known as the Internet’s TaxMama®, publishes the popular TaxMama.com website, cited by Consumer Reports magazine as a top tax advice site, and a LIFE Magazine Editor’s Pick.
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