Withholding Tax Changes
The IRS will be updating the withholding tables in May to make corrections based on the 2018 filing issues experienced by many taxpayers. The tax tables put in place in February of 2018 did not properly account for all the changes associated with the new tax law, resulting in large swings of either the refund or balance due for 2018, compared to 2017. The updated tables in May will correct this. Please contact our office with any questions regarding the withholding change, we would be happy to assist you in updating the form W-4 if needed. Please note, it may not be until June that the new tax tables start, we will need a pay stub with the old withholding amounts compared to the new tables once in place.