IRS Guidance on the New Tax Law
[lead]The new tax law will impact your paycheck, which may have you asking if you need to review your tax withholding. Here’s some information from the IRS on the new tax law:[/lead]
To help employees determine their withholding, the IRS is revising the withholding tax calculator available at IRS.gov/W4App. The IRS anticipates that this calculator will be available by the end of February. Employees will be able to use the withholding calculator to determine if they should submit a new Form W-4 for 2018. The IRS is also working on revising Form W-4 for 2018. The calculator and revised Form W-4 can be used by employees who wish to update their withholding in response to the new law or changes in their personal circumstances in 2018, and by workers starting a new job. Until a new Form W-4 is issued, employees and employers should continue to use the 2017 Form W-4. For more information, go to IRS.gov/NR1036.