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Tax Reform and Your Employees: It May be Time for a Paycheck Checkup

Recent changes to the tax code could mean W-4 adjustments for your employees.
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Many changes to the tax code have been enacted this year, and will continue to have an impact to businesses and their staff in 2019 and beyond. For instance, if your employees want to check their withholding before year-end, consider sharing the IRS withholding calculator and information around revising W-4s with them. We know that you are not your employees' tax advisor, but providing these resources can help them determine whether to make any adjustments before 2018 comes to a close.

Read on as we break down the latest details and business impact of the tax reform law.

Tax Reform Resources

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Filling out a W-4 requires following new instructions.
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As the IRS has recently released a new W-4, now is a great time to refresh your knowledge about what this form is used for and how tax reform has impacted it.
A woman fills out a Form W-4 before starting employment.
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The 2020 Form W-4 has undergone significant changes to more closely align the withholding to the changes in the tax law. Here is a step-by-step process detailing how to fill out the new form properly.
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The midterm elections are fast approaching, and it's becoming clear that whoever takes control of Congress will have a significant impact on many companies. Gene Marks identifies five hot-button issues businesses are on the lookout for heading into and beyond Nov. 6.
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Following feedback from the payroll and tax communities, the Treasury Department and IRS are postponing a release of substantial changes to the W-4, which were originally anticipated in 2019.
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Last year's Tax Cuts and Jobs Act affects individuals in high-tax states who itemize deductions, limiting the SALT deduction. Get more details in this article.
IRS regulations on new business tax deduction
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The IRS has issued proposed regulations on the new tax deduction for certain qualified business profits on entities other than C-corporations. The change was contained in the federal tax overhaul passed late last year.

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