Treasury and IRS release new guidance on tax withholdings

IRS Hey we can't implement the tax cut unless Congress gives us more money

U.S. President Donald Trump pauses while speaking during the annual American Farm Bureau Federation conference in Nashville, Tennessee, U.S., on Monday, Jan. 8, 2018. "It's taxes simply being called by another name", he said.

The IRS is going to need some $500 million over the next two years to implement the recently-passed $1.5 trillion tax-cut bill, according to an agency report released Wednesday. The White House said Thursday that businesses should make these adjustments by February 15, part of the administration's push for millions of workers to see bigger paychecks as quickly as possible.

In rushing the process, the Treasury Department is asking companies to rely on outdated forms to help determine how much to withhold.

Starting next month, you should see a bump in your paycheck.

If they find their paychecks are inaccurate, it will be incumbent on the employees to tell their employers to make corrections.

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The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions.

A senior IRS official said Thursday that Americans with simple tax situations are likely to get accurate paychecks next month.

Additional funds are also required for programming and system updates, training employees, creating new tax forms, as well as for changing regulations and guidance, she said. And that results in a refund when they file their tax returns. "Then they can decide what they want to do", the senior IRS official said.

Democrats remain critical of the Republican-led tax bill and warn that the the new tax guidelines allow the Trump administration to deliver on the promise of a large middle-class tax cut ahead of the 2018 mid-term elections, but, in fact, will leave taxpayers owing inordinately larger tax bills in 2019.

While companies and workers try to figure out the new tax landscape, states are trying to mitigate some of the tax hits in the law. Ron Wyden (D-Ore.) and Rep. Richard Neal (D-Mass.).

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"The Administration's monumental tax reform legislation continues to provide economic benefits for hard-working Americans".

Nonpartisan tax experts project that the law will bring lower taxes for the great majority of Americans, though not all. There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes. There are also new limits on the mortgage interest deduction, and the Child Tax Credit was expanded.

While employers can begin doing this voluntarily, they will have to comply with the new guidance by February 15.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances. The online calculator will not be available until sometime next month. Employers will have until February 15 to incorporate the changes in their payroll systems.

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