New tax law won't affect 2017 filing season

Mnuchin Says 90% of Workers to See Increase in Take Home Pay

While employers can begin doing this voluntarily, they will have to comply with the new guidance by February 15.

Treasury and Internal Revenue Service officials made the predictions while releasing new tax withholding tables, which US employers must begin using by February 15 to determine how much federal tax gets subtracted from employee wages under the new tax law.

"We have reviewed this very carefully, and based upon last year's withholding tables, approximately 76 percent of taxpayers were withheld so that they had refunds at the end of the year". The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid - generally weekly, biweekly or monthly. Ron Wyden of OR and Rep. Richard Neal of MA, both Democrats, said in a letter to acting IRS Commissioner David Kautter.

To help you get as close to withholding parity as possible, the IRS has long made a withholding tax calculator available.

Despite less withholding, it is also expected that tax returns will not be effected. "We'll work with payroll providers; we'll work with companies, we'll do education sessions, so that taxpayers are properly withheld".

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Individual taxpayers aren't required to make any changes right now. "The new year is off to an exciting start, and I look forward to many more great things to come". "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".

Currently, the IRS is revising that tool to reflect the most recent tax law changes.

The new withholding tables take into account a variety of changes brought about by the passage of the GOP's revamped tax code.

But the taxing service did note that the new tax rates will require a new approach to the W-4 forms and that it should have the new forms by 2019. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released. "With the child tax credit, like, 'Is it true that will increase?' Yes, it increases, but not with the 2017 tax year, for the 2018 tax year", said Curtis. Treasury would achieve that, the lawmakers surmised in the letter, by pushing the IRS to change its formula for withholdings.

The government said that workers will not have to fill out new W-4 forms to take advantage of the changes this year.

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