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
Will you be able to benefit from the One Big, Beautiful Bill Act (OBBBA), signed into law earlier ...
What could happen if you don’t file your taxes? If you’re required to file a tax return but ...
The One Big Beautiful Bill Act (OBBBA), which was enacted on July 4, 2025, is filled with favorable ...
HM&M Updates
Dallas, TX – Aug. 7, 2024 – HM&M, a Springline company (HM&M), a leading CPA firm with four ...
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...