New tax guidelines will rely on workers to double-check their paychecks

12 January, 2018, 12:29 | Author: Mable Gonzales
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That's when new withholding guidelines under the tax cut provisions of the new tax law - the Tax Cuts and Jobs Act - go into effect.

The IRS is also being urged to release new tables as soon as possible that determine how much tax must be withheld from workers' paychecks, because until those are provided to employers and payroll companies, those who are due to receive tax cuts won't see an increase in their take-home pay.

Although Olson said the impact of the new law was still being calculated, preliminary estimates said the IRS would need an additional $495 million both this year and next in order to implement the sweeping changes. When they file their tax returns, if their tax payments were too high or too low, they must account for the difference through a refund or payment.

"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. Trump said lower taxes and deregulation will rev up the rural economy in a partisan speech geared toward a much broader audience than the farmers gathered to hear him. Ron Wyden (D-Ore.) said in response. "I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year".

Two U.S. Democratic politicians asked a government watchdog on Monday to scrutinize implementation of President Donald Trump's tax law, warning that the administration could use new tax guidelines to create the appearance of a large middle-class tax cut ahead of the 2018 mid-term elections. The online calculator will not be available until sometime next month.

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In the final phase, the IRS later this year will likely make further changes that will be effective 2019.

The law lowers tax rates, which is the primary reason Americans will see bigger paychecks next month, but it also limits or scales back tax deductions, changes that might not be realized until Americans file their tax returns. The tax code now limits the deduction for state and local taxes to $10,000. In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.

The current tax withholding system is based on personal exemptions, which, under the new bill, was repealed.

In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February.

"I don't want to speculate on what people will do", Mnuchin said Thursday.

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