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IRS Issues additional payroll guidance addressing tax reform changes

Monday, March 26, 2018   (0 Comments)

On January 29, 2018, the IRS issued Notice 2018-14 to provide additional federal income tax withholding guidance pending the release of the 2018 Form W-4.  The IRS has revised Form W-4 to reflect changes made by the Tax Cuts and Jobs Act (the “Act”) affecting individual taxpayers – such as changes in available itemized deductions, increases in the child tax credit, the new dependent credit, and the repeal of dependent exemptions.  The guidance addresses two situations where a new W-4 is required and other withholding procedures that supplement the Notice 1036 guidance released earlier this year.

 

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Michigan Boating Industries Association | 32398 Five Mile Road Livonia, MI 48154 | Phone: 734.261.0123 | Fax: 734.261.0880

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