New Trump administration tax guidelines rely on workers to double-check their paychecks


But for many taxpayers, they will need to assess whether the new tables really are withholding enough money so that they're not saddled with a big bill when they file their taxes next year.

That's when new withholding guidelines under the tax cut provisions of the new tax law - the Tax Cuts and Jobs Act - go into effect.

The rollout is in fact effective immediately as employers on Thursday received new withholding guidance from the Treasury Department and the Internal Revenue Service.

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Although Olson said the impact of the new law was still being calculated, preliminary estimates said the IRS would need an additional $495 million both this year and next in order to implement the sweeping changes. And that results in a refund when they file their tax returns. "It's taxes simply being called by another name", he said. The online calculator will not be available until sometime next month. Ron Wyden (D-Ore.) said.

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

The patchwork system is part of a rushed transition the White House is trying to push through to allow as many Americans as possible to see bigger paychecks next month.

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As President Donald Trump's recent tax overhaul is rushed into law, with businesses expected to make the necessary payroll adjustments by February 15, the Treasury Department is requiring employers to use old forms applicable to the old tax system, known as W-4s, in calculating how much to withhold in taxes from employees' paychecks. The tax code now limits the deduction for state and local taxes to $10,000.

Employers are encouraged to implement the new withholding tables expeditiously but should do so no later than February 15, 2018. If they determine they are paying too much or too little in taxes, based on the size of their family or other variables, they can direct their employer to make changes. Employers will have until February 15 to incorporate the changes in their payroll systems.

The lower rates, an expanded standard deduction, and a larger Child Tax Credit are projected to reduce taxes for American workers and business owners by $180 billion in 2018, according to the Joint Committee on Taxation. Personal exemptions are a core feature of the current withholding system, but now that they are eliminated, "it's necessary to build a new approach to withholding, which will take some time", the senior IRS official said.

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"I think it's one of the more ridiculous comments to think you can take a real estate tax that you're required to make and dress that up as a charitable contribution", Mr. Mnuchin said.