Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers and businesses.
New Tax Reform Web Page. The IRS created the Tax Reform page to highlight what taxpayers need to know about the tax law changes and their affect. This page also links taxpayers to news releases, publications, notices, and legal guidance related to the legislation.
Updated Withholding Calculator. The IRS updated the Withholding Calculator to reflect the changes in the withholding tables. The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup,” which is even more important this year because of the tax law changes. The calculator helps taxpayers determine if they’re having the right amount of tax withheld from their paychecks. This is especially important for specific groups of taxpayers including people in households with two or more jobs, who have children or dependents, who itemize their taxes, or who have high incomes or complex tax situations.
Updated Form W-4, Employee’s Withholding Allowance Certificate. Taxpayers who determine that they need to make changes to their withholding can refer to the new Form W-4, which reflects the tax law changes. Employees will submit the completed Form W-4 to their employers.
More information about the tax law changes will be coming throughout the year. Please contact your Yeo & Yeo tax professional with questions or concerns.