IRS Said to Need Additional $1B to Implement New Tax Law

The IRS ‘Absolutely Needs More Funding’ to Deal with New Tax Law Report Says                 

     

     REUTERS  Lucas Jackson

The new guidance will allow many taxpayers to start seeing bigger paychecks due to the new law. Employers will have until February 15 to incorporate the changes in their payroll systems.

The IRS will have to update its systems, publish new forms and publications, revise regulations, train employees on the new tax law and answer taxpayer questions about it.

New withholding tables needed to be issued in order to reflect the changes to tax rates, tax brackets, the elimination of personal exemptions and an increased standard deduction under the new law, passed by the GOP in December. Workers will see changes in their February paychecks once employers adopt the new guidance. As previously reported by FOX Business, employers using a big payroll processing firm may have an easier time with the transition, while employees at small businesses or other companies may have to wait a bit longer for the changes to be fully implemented.

As the IRS makes clear in their release, the new tables are created to produce the correct amount of tax withholding.

Crooner Seal slams Oprah Winfrey for her speech
Meanwhile those closest to the media mogul are sending mixed messages about her political intentions. As noted by Metro UK , Winfrey has denounced Weinstein's actions and termed it " hideous behavior".

"We have already seen confusion about withholding changes, confusion about the deductibility of prepaid property taxes, and confusion about whether states can allow taxpayers to make charitable contributions in lieu of taxes as a way of permitting their residents to claim larger tax deductions than would otherwise be allowed because of the new $10,000 cap on the state and local tax deduction", National Taxpayer Advocate Nina Olson said. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", a senior IRS official noted.

Federal officials said that while the IRS will begin accepting both electronic and paper tax returns January 29, paper returns will begin processing later in mid-February as system updates continue in the aftermath of the recently approved federal tax bill. Mnuchin said the White House press briefing that Treasury and the IRS will release new W-4 forms for 2019 later in the year.

In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they take on their W4s once the IRS puts out its new withholding calculator by the end of February.

Related:

Comments

Latest news

Jazz's Rodney Hood knocks phone out of fan's hand following ejection
Although it was an outrageously rude move on Hood's part, it's hard not to respect the nonchalant way in which he pulled it off. Hood barely even looked at the man and still managed to deliver a perfectly effective swipe that sent the phone flying.

Colbert roasts Trump for his ridiculous televised meeting on immigration
Trump seemed bullish on reaching a bipartisan solution on immigration , but the price he laid out last week included an $18 billion down payment on his Mexico border wall.

Israeli man killed in West Bank shooting
The settlements are deemed illegal under worldwide law and widely seen as a main obstacle to peace. Palestinians want the West Bank for a future state, along with East Jerusalem and the Gaza Strip.

CPI(M) opposes Netanyahu's India visit
Modi was the first Indian Prime Minister to have visited Israel after the two countries established diplomatic ties in 1992. Modi had visited the Jewish state in July a year ago , becoming the first Indian premier to do so.

Could Marathon Petroleum Corporation (MPC) Go Down After Touching 52-Week High?
Barr E S & Co increased its stake in Pacwest Bancorp (PACW) by 6.61% based on its latest 2017Q3 regulatory filing with the SEC. The stock of Marathon Petroleum Corporation (NYSE:MPC) has "Buy" rating given on Thursday, July 20 by RBC Capital Markets.

Catherine Deneuve defends men's right to 'seduce', denounces #MeToo campaign
Aloune said that's a misinterpretation of what women speaking out against sexual harassment are talking about. Men's "freedom to pester" is "indispensable to sexual freedom", they wrote.

Karnataka CM Siddaramaiah pursuing anti-Hindu policy, says Amit Shah
The Centre had increased Karnataka government's share from Rs 88,583 crore to Rs 2,19,500 crore, Shah pointed out. The BJP government previously had brought an effective piece of legislation to ban cow slaughter.

'No deal' Brexit could cost Britain about 500000 jobs, London mayor says
Britain could lose 482,000 jobs by 2030 if the country crashes out of the European Union , according to research by Cambridge Econometrics .

Winter Olympics 2018: Hockey Canada unveils team it will send to Pyeongchang
Purcell skated for Canada in the 2017 Karjala Cup in Finland, and the Channel One Cup (formerly Izvestia tournament) in Moscow. Canada has won 13 men's hockey medals, including nine gold, since the first Olympic hockey tournament in Antwerp in 1920.

House urged to cancel vote to renew NSA internet surveillance
The program allows the National Security Agency to intercept calls or emails from suspected foreign terrorists outside the U.S. Still, the bill was expected to pass the House of Representatives today with a combination of Democratic and Republican votes .

India 'leading power' in Indo-Pacific region: US envoy
For India and the US, Indo-Pacific is vital for the security and prosperity of our people as well as others. The US-India Strategic Energy Partnership will convene early this year at the ministerial level, he added.

Bangladeshi man indicted for NY bomb attack
He faces six counts related to the detonation of a bomb in a subway walkway near the Port Authority bus terminal. Ullah was scheduled for arraignment Thursday in Manhattan federal court.

US Sends 3 B-2 Spirit Stealth Bombers to Guam
Pacific Air Forces celebrated the arrival of the stealth bombers in a Facebook post, writing, " Don't they look awesome! ". The Air Force has rotated bombers in the Pacific for 15 years in a show of support for its allies in the region.

'Spouse' includes same-sex partners, European Union court adviser says
The role of the 11 advocates general is to propose independent solutions for cases the Court of Justice is deliberating on. As my partner, [he] is able to make certain decisions for me. "This would not be possible today in Romania", Coman said.

Bon Jovi's latest tour comes to Orlando for his only Florida date
The band filmed the video for the title track of " This House is Not For Sale " in South Bethlehem and on the SteelStacks campus. Bon Jovi's last New Jersey show of this size came in 2013, on its Because We Can Tour at MetLife Stadium in East Rutherford.

Other news