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New tax law won't affect 2017 filing season

New tax law won't affect 2017 filing season

The U.S. Treasury and the IRS on Thursday put out new guidance and withholding tables for employers that incorporate changes from the new tax law. Employers will have until February 15 to incorporate the changes in their payroll systems.

"Under our laws, if you have a wallet to own bitcoins, that company has the same obligation as a bank to know your customer", Treasury Secretary Steven Mnuchin said Friday.

Individual taxpayers aren't required to make any changes 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".

To help you get as close to withholding parity as possible, the IRS has long made a withholding tax calculator available. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", a senior IRS official noted.

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

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

That's not bad advice for any year when there are big tax changes but it's especially critical this year.

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The calculator and new Form W-4 can be used by employees who wish to update their withholding in response to the new law or changes in their personal circumstances in 2018, and by workers starting a new job. And that results in a refund when they file their tax returns.

This morning I've decided that the most important thing I can tell you about is a change to the tax table.

"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.

They are asking the Government Accountability Office to review the revised withholding tables and determine whether they protect millions of taxpayers from being surprised during the 2019 filing season.

The amount of one withholding allowance on an annual basis increased to $4,150 in 2018 from $4,050 in 2017, the IRS said.

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.

The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.

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