New tax law won't affect 2017 filing season

14 January, 2018, 00:10 | Author: Phil Peters
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Employers should start using the 2018 withholding tables as soon as possible, "but not later than February 15", the Internal Revenue Service said in a news release (IR-2018-05).

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

Individual taxpayers aren't required to make any changes to their Form W-4 right now. "Taxpayers can not make these changes until the revised Form W-4 is published, which the IRS has announced will be forthcoming in the coming months".

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

So now is a good time to take a second look at your tax withholding at work.

But the Internal Revenue Service said it is working on a new W-4 form, which a significant number of workers will have to fill out in order to benefit from the changes in 2019.

"I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt", he said.

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And roughly three-quarters of tax filers are overwithheld because they take too few allowances.

Lisa Zarlenga, a partner at Steptoe & Johnson LLP in Washington, told Bloomberg Tax in an email that "the tax law generally reduced individuals' tax liabilities, so I expected that withholding would go down". 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.

"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen.

Treasury Secretary Steven Mnuchin at the White House press briefing on Thursday dismissed suspicions that administration is "juicing" the tables as a "ridiculous charge". Form W-4 and the revised calculator will reflect additional changes in the new law, such as changes in available itemized deductions, increases in the child tax credit, the new dependent credit and repeal of dependent exemptions.

The Treasury Department released new withholding tables that ensure many Americans will see higher pay checks.

The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email.

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