IRS Releases Updated 2018 Form W-4
The IRS has issued the updated 2018 Form W-4. The IRS previously stated that taxpayers can continue to use the old 2017 Form W-4 for 30 days after the new form was issued. The new Form W-4 was designed to take into account the changes made by the new tax law passed in late 2017. Some of these changes include an increased standard deduction, removal of personal exemptions, increased child tax credit an changes in the tax rates and brackets.
The IRS has also completed updating the online withholding calculator that individual taxpayers can utilize to determine the number of withholding allowances they should claim in 2018. The IRS stated the new tax law could necessitate taxpayers to change their tax withholdings in 2018, which would require them filling out a new Form W-4. The online withholding calculator can help the taxpayer with this determination.
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