IRS rolls out new tax tables for promised bigger paychecks

Hamiltons Sofa & Leather Celebrates 30 Years

Revisions to the so-called withholding tables incorporate changes from the new tax law. Employers will have until February 15 to incorporate the changes in their payroll systems.

Treasury Secretary Steven Mnuchin said the Treasury is closely following the growth of cryptocurrencies, particularly bitcoin.

Congressional Democrats are concerned that in making those changes, the IRS may have caved to pressure from the administration to deliver immediate tax savings to workers' paychecks while exposing taxpayers to higher tax bills in 2019.

In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February.

In the letter, Wyden and Neal said that withholding too little in taxes presents "a considerable problem and undue hardship". You might not have bothered looking at it since then and you should take this opportunity to review your withholdings and see if it is time to make some changes.

Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks.

Israel Launches Security Campaign in Nablus After the Killing of Settler
J Street and its student affiliate, J Street U, launched a campaign a year ago to prevent the demolition of Palestinian homes . The attack took place near Havat Gilad, an unauthorized Israeli settlement outpost near Nablus.

While speaking to the Economic Club of Washington on Friday, Mnuchin said he wants to ensure "bad people can not use these currencies to do bad things". "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".

And roughly three-quarters of tax filers are overwithheld because they take too few allowances.

The W-4 is the form you filled out when you started your job in which you indicated the federal income tax you wanted withheld from your paycheck. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", an IRS official noted on Friday. "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.

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.

Treasury Secretary Steven Mnuchin, speaks to reporters during a White House daily press briefing in the Brady press briefing room at the White House, in Washington, Thursday, Jan. 11, 2018.

The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email.

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