New tax law won't affect 2017 filing season

14 January, 2018, 00:11 | Author: Roderick Gutierrez
  • Bitcoin shouldn’t become the new Swiss bank account says US treasury secretary

The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month.

Businesses across the country must adopt the changes by February 15.

US Treasury Secretary Steven Mnuchin said that regulators in his agency have formed a working group to focus on the risks presented by the increasing usage of bitcoin and other cryptocurrencies.

Administration officials insisted that the guidelines would withhold the correct amount of tax from wages but acknowledged that they are geared to out-of-date W-4 individual withholding forms.

"We would encourage every taxpayer to run their information through the calculator". "Despite many false claims regarding the effects of our efforts, hardworking Americans are already seeing the immediate benefits of this new, pro-growth tax code". You might not have bothered looking at it since then and you should take this opportunity to review your withholdings and see if it is time to make some changes.

"We want to make sure that bad people can not use these currencies to do bad things", Mnuchin said.

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

Democrats are concerned the rushed withholding tables could leave many tax filers in a situation of potentially being underwithheld for tax year 2018 and therefore left owing money when they file their tax returns in early 2019.

The W-4 is the form you filled out when you started your job in which you indicated the federal income tax you wanted withheld from your paycheck.

"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.

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

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding. 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 GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email.



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