Treasury releases withholding tables for new tax law

Treasury releases withholding tables for new tax law

Mnuchin added that his department had formed a working group to address its concerns about cryptocurrency usage by nefarious individuals and organizations.

Workers will see changes in their February paychecks once employers adopt the new guidance, the news release said.

The money going into the pockets of Americans is a direct result of the tax cuts promised by President Trump.

Mnuchin spoke shortly after Treasury and the IRS issued an update to the IRS formula that employers use to estimate employees' tax bills.

Lawmakers in blue states have been considering strategies to work around the federal tax overhaul's $10,000 cap for deductions on state and local taxes, or SALT, with some floating concepts that would allow taxpayers to make charitable donations to state funds, offsetting SALT. Ron Wyden of OR and Rep. Richard Neal of MA, both Democrats, said in a letter to acting IRS Commissioner David Kautter.

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For 2019, the IRS anticipates making further changes involving withholding.

"We are very focused on cryptocurrencies", he said.

In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released. "We'll work with payroll providers; we'll work with companies, we'll do education sessions, so that taxpayers are properly withheld".

Despite less withholding, it is also expected that tax returns will not be effected. In addition to overseeing the nation's tax system, Kautter is the assistant secretary for tax policy at Treasury, a politically appointed position. However, the situation has changed in recent times, with Swiss authorities showing greater willingness to cooperate with the IRS. The IRS is supposed to be exclusively focused on executing the law, while Treasury takes a broader view, which incorporates politics and policymaking. Ron Wyden (D-Ore.) and Rep. Richard E. Neal (D-Mass.) said in a January 8 letter to U.S. Comptroller General Gene L. Dodaro. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables. "We expect based upon the new tables there will be no material change in this number", he said.

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