Don't worry, you're not the only one stressing about the new tax code. While there has been a lot of media attention covering the new tax bill, little attention has been focused on what to do when it comes to implementing the new taxes.
Fortunately, the IRS has issued guidance for withholding in 2018. The governing body expects to deliver withholding guidance in January. With that, the IRS encourages tax paying entities to implement new changes in February. This means that PaycheckCity will have 2018 federal taxes in its calculators as soon as February. Until the withholding guidance is updated, the IRS is advising that employers and payroll service providers continue to use 2017 withholding guidelines.
To read the full IRS statement, click here.