Changes to federal tax law have taken many people by surprise and the IRS isn’t done making changes, so brace yourself.
Later this summer, final updates to the W4 paycheck withholding form should be released and all signs point to a more complicated set of employee questions.
The IRS is hoping its new W4 form will more accurately predict employee tax obligations so that fewer people are overpaying or underpaying. To that end, the updated form will ask for a more detailed account of expected income sources, deductions, and tax credits.
Focus HR, Inc. is following the situation closely and will have updates as they become available.
Meantime, you can get a sense of where you stand with your withholding obligations by going here to the IRS Withholding Calculator.
