A new tax law means millions of people will have questions about their taxes. Those changes, the senior IRS official said, will require most, but not all employees, to file new W4 forms later this year. The process will include seeking input from employers and payroll providers on how best to design a new W-4 to reflect an updated tax system based on the new law. Employers should begin using the new withholding tables as soon as possible, but not later than February 15, according to the IRS notice issued Thursday. The IRS, with direction from Congress, will exclude taxpayers from collection if they would suffer hardships and be unable to maintain basic living expenses with the enforcement of the payment of their tax debt, but the private collection agencies do not appear to be following that rule as well.
History's judgment Trump's motorcade greeted with chants of "lock him up" in NYC Treasury watchdog probes lack of tax plan analysis from Mnuchin MORE said Thursday that the "whole purpose" of the GOP tax bill was to "put more money" in the US business sector to allow companies to be more competitive internationally.
Today, employers received new withholding guidance from Treasury and the Internal Revenue Service (IRS) in order to implement tax cuts and other provisions of the Tax Cuts and Jobs Act. And eligibility for the Child Tax Credit has been expanded. The IRS said it expects the earliest EITC/ACTC-related refunds to be available in taxpayer bank accounts or on debit cards starting on February 27, if they chose direct deposit and there are no other issues with the tax return.
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Those changes will largely be driven by changes in tax rates, tax brackets, an increase in the standing deduction and the repeal of the personal exemption.
Olson couldn't be more stark in her recommendation to lawmakers: "The IRS absolutely needs more funding". If previous tax-code changes are any guide, the number of queries is likely to rise significantly, pushing down the response figure even more. And that was before the new law was passed.
For example, the GOP tax bill lowered a cap on the mortgage interest deduction from $1 million to $750,000, for debt incurred after December 15, 2017, with certain exceptions. For most, that will be a positive change, meaning a lower total tax bill.
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The report says that IRS funding has fallen about 20 percent in inflation-adjusted terms since 2010. The IRS will work with the business and payroll community to encourage workers to file new Forms W-4 next year and share information on changes in the new tax law that impact withholding.
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.
Some businesses have already responded to those anticipated changes by granting bonuses and wage increases and by making or planning for additional investments.
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