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Will there be any changes in the payroll deductions for

Will there be any...

Will there be any changes in the payroll deductions for 2018?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Will the new tax law have any impact on the federal and state withholding tables for 2018?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am a bookkeeper and I need to know if I need to make any changes in the employee's withholdings for 2018? Federal/ State/FICA/ etc.

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Answered in 2 minutes by:
12/29/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,677
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Yes they will.

The IRS has released the following statement:

The IRS is working to develop withholding guidance to implement the tax reform bill passed by Congress on December 20. 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.

Throughout this process, the IRS will continue working closely with the payroll and tax communities on these changes.

Changes should begin to kick in around February of 2018. Stay tuned to the IRS and check the following periodically

https://www.irs.gov/newsroom/irs-statement-withholding-for-2018

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Customer reply replied 1 month ago
Thanks. That was a big help.

You are most welcome.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,677
Experience: 15years with H & R Block. Divisional leader, Instructor
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