US Treasury: 90% of Americans Will See Larger Paychecks in February

US will renegotiate NAFTA or pull out -Mnuchin

Employers should start using the 2018 withholding tables as soon as possible, "but not later than February 15", the Internal Revenue Service said in a news release (IR-2018-05).

Businesses across the country must adopt the changes by February 15.

"Under our laws, if you have a wallet to own bitcoins, that company has the same obligation as a bank to know your customer", Treasury Secretary Steven Mnuchin said Friday.

Congressional Democrats are concerned that in making those changes, the IRS may have caved to pressure from the administration to deliver immediate tax savings to workers' paychecks while exposing taxpayers to higher tax bills in 2019.

The IRS also said it was not yet ready to issue a new W-4 form.

To help you get as close to withholding parity as possible, the IRS has long made a withholding tax calculator available. "Despite many false claims regarding the effects of our efforts, hardworking Americans are already seeing the immediate benefits of this new, pro-growth tax code".

US will renegotiate NAFTA or pull out -Mnuchin

So now is a good time to take a second look at your tax withholding at work.

Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks.

Most people fill out their W-4 form when they're hired at a new job and don't change it unless they get married, have kids, get divorced or experience other life-changing situations.

"We would encourage every taxpayer to go to IRS.gov and run their financial information through that calculator so that they understand what their situation is", said a senior IRS official, who spoke at a briefing with reporters on the condition he was not named.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. In a reflection of just how quickly the Treasury Department wants people to see the impact of tax reform on their paychecks, the IRS is coming out with the withholding tables even as it has not completed an update to the W-4.

"I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year", Wyden said in a January 11 news release.

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