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PrintAs an APA membership benefit, members are emailed up-to-the-minute news flashes. Below are the recent Compliance Updates and other important news.
Breaking Payroll News and Critical Updates
(June 11, 2018) The IRS has released a draft of the 2019 Form W-4, Employee's Withholding Allowance Certificate, and a draft of the 2019 Instructions for Form W-4. The draft Form W-4 has been substantially revised to comply with the Tax Cuts and Jobs Act (TCJA). Both the way withholding amounts will be calculated and the form that employees will complete will be drastically different beginning in 2019. More . . .
(January 12, 2018) On January 11, the IRS released Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding. The IRS also issued news release IR-2018-05 and posted Frequently Asked Questions, which provide additional information on withholding changes for 2018 and 2019. The tables included in Notice 1036, along with the 2018 wage-bracket withholding tables, will appear in IRS Publication 15, (Circular E), Employer's Tax Guide, which will be published at a later date. More . . .
(December 22, 2017) On December 22, President Trump signed H.R. 1, also known as the Tax Cuts and Jobs Act, into law. The legislation, which marks the most sweeping tax changes in 30 years, will affect payroll professionals by changing the taxability of two fringe benefits and affecting income tax withholding in 2018 and beyond. Because this tax legislation was passed so late in 2017, the IRS will not issue withholding guidance for 2018 until January. More . . .
(December 14, 2017) The IRS has announced that the business standard mileage rate for transportation expenses paid or incurred beginning January 1, 2018, will be 54.5 cents per mile, up 1 cent from the 53.5 cents-per-mile rate in effect during 2017 [Notice 2018-03, released 12-14-17]. More . . .
(December 8, 2017) During its December payroll industry conference call, the IRS indicated that guidance for the 2018 tax year, including the 2018 withholding tables, will be issued later than usual due to the potential tax changes that are being considered in the current congressional push to enact tax reform. More . . .