Withholding Guidance

On December 26, the IRS issued guidance on withholding, in light of changes to withholding tables and systems needed to conform with the Tax Cuts and Jobs Act, effective January 1, 2018. Please see the language from the IRS Statement below.
“The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.
Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February. In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.”
We will keep you informed of further developments.

Latest Blog

bridge in southeast dallas

Announcing our 40th Anniversary and a fresh new look for HM&M

At Huselton, Morgan, and Maultsby, we are so proud to be celebrating 40 years of renowned business and ...

girl giving gift

3 strategies that can be used to increase your charitable giving “bang for the buck”

Do you make charitable contributions? If so, read on. We may be able to help you cut the ...

7 traits to look for in a CPA firm

Consider the human lifecycle. No two are exactly alike. We can, however, credit the IRS for imposing at ...

HM&M Updates

Jessica Gooch and Kimberly Lyons Graduate Transformational Leadership Program

A year of hard work pays off! HM&M is happy to announce that Jessica Gooch and Kimberly Lyons ...

HM&M Hosts Accounting and Financial Women’s Alliance September 2018 Meeting

Please join us for: September 2018 Meeting – CPE & Lunch Speaker: Randy Garcia, CPA Topic: Oil & ...

Income Tax Planning for Individuals: Effects of the Tax Cuts and Jobs Act

On August 3, 2018 Vance Maultsby spoke at the 34th annual Fort Worth CPA Tax Institute and shared ...