IRS Offers Resources to Understand Tax Reform
The IRS released a tax tip reminding employers about online resources available to help them understand the tax law changes made by the Tax Cuts and Jobs Act (TCJA; Pub. L. 115-97) [IRS Tax Reform Tax Tip 2018-119, 8-2-18].
Here are some of the resources that can help employers understand the TCJA:
- Tax Reform webpage. This webpage highlights information all taxpayers need to know about the tax law changes and how these changes affect them. The webpage includes links to tax reform information for businesses, such as changes to withholding and the new employer tax credit for paid family and medical leave. A sidebar menu includes links to tax reform news, guidance, forms and instructions, and resources.
- FAQs. The IRS created frequently asked questions (FAQs) on several tax reform topics: how to use the withholding calculator; changes to withholding tables; and the new employer credit for paid family and medical leave.
- Tax Tips. Employers can subscribe to receive emails from the IRS about tax reform topics.
Here are a few resources employers can pass on to employees with questions about the TCJA:
- Withholding calculator. The IRS encourages employees to use its withholding calculator to perform a Paycheck Checkup.
- 2018 Form W-4, Employee’s Withholding Allowance Certificate. Employees who determine they need to make changes to their withholding can complete a revised Form W-4 and submit it to their employers.
To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!