New Tax Withholding Tables
The Internal Revenue Service today, 1/12/18, released updated income tax withholding tables, reflecting changes made by the new tax reform law. This is the first in a series of steps that the IRS will take to help improve the accuracy of withholding under the new tax law. The IRS encourages employers to begin using the 2018 withholding tables as soon as possible--but not later than February 15, 2018.
The IRS notes: “Many employees will begin to see increases in their paychecks to reflect the new law in February. The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid — generally weekly, biweekly or monthly.”
The new withholding tables are designed to work with the CURRENT W-4 Forms that workers have ALREADY filed with their employers to claim withholding allowances. The IRS notes that, “Employees do not have to do anything at this time.” To help people determine their withholding, the IRS is revising the withholding tax calculator on IRS.gov. The IRS anticipates that this calculator should be available by the end of February.
The IRS is indeed working on revising the W-4. The calculator and new W-4 (once both are available) can be used by employees who wish to update (or first start) their withholding. The IRS notes: “Until a new Form W-4 is issued, employees and employers should continue to use the 2017 Form W-4.”
LEARN MORE HERE:
NCCPAP Officers & Directors Elected for 2017-2018 Term
Please join us in recognizing and congratulating the recently elected 2017-2018 Officers and Directors of NCCPAP.
- President: Stephen Mankowski, CPA
- Executive Vice President: Neil Fishman, CPA
- Vice President: Frank Gallo, CPA
- Vice President: Stephen Palmerio, CPA
- Vice President: Mark A. Stewart, Jr., CPA
- Treasurer: Stuart Lang, CPA
- Secretary: Barry Zalk, CPA
- Immediate Past President: Sandra Johnson, CPA
In addition, the following Directors have been elected: Scott Cheslowitz, CPA, Mary Duff, CPA, Aaron Futterman, CPA, Robert Gaines, CPA, Kenneth Hauptman, CPA, Donald Ingram, CPA, Lynne Marcus, CPA, David J. Rothfeld, CPA, and Sanford Zinman, CPA.
Next Upcoming Quarterly Meeting