With tax reform taking place, a big question that is getting asked is “Do I need to be filling out a new W-4 to reflect the changes?”
A statement was put out by the IRS stating that they are working on developing withholding guidance and will be issuing this in January. Employers will be encouraged to implement the changes in February. According to the IRS, the information will be designed to work with the Forms W-4 that already exist and employees have already filed. With that being said no action from employees on filling out a new W-4 needs to happen at this time due to the tax reform. Employers will continue to use the existing 2017 withholding tables and systems until further guidance has been issued.