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Exactly, what i do !

I also compute the percentage of tax to taxable income, but I have a lot of investors and others that have income without withholding. So, I calculate what percentage their withholding must be from employment to cover ALL their income vs. what percentage they now are having withheld. Sometimes, that gets their attention. Sometimes, they make changes. (Working out their W-4 to make the changes is a real pain, though.)

I stress the actual percentage of total income (not taxable income like ATX does).

Created the code to calculate using the new options, using the 2019 calculations per draft Pub 15-T. Using annual figures, all with 75k taxable, no extra income, credits, or deductions. Single 2 Jobs (2020 W4 option) 13623 FWH Head of Household 2 Jobs (2020 W4 option) 12175 FWH Single 0 Allow (old W4) 11522 FWH Single 1 Allow (old W4) 10598 FWH Single 2 Allow (old W4 or 2020 W4 form with implied allowances) 9674 FWH Married Jointly 2 Jobs (2020 W4 option) 9674 FWH Married Jointly 0 Allow (old W4) 7196 FWH Head of Household 2 Allow (2020 W4 option) 6901 FWH Married Jointly 2 Allow (old W4) 6188 FWH Married Jointly 3 Allow (old W4 or 2020 W4 form, implied allowances) 5684 FWH --- Note the two in bold. Shows insight as to how the Married 2 jobs was "built". Using the new W4, Married with the two job box checked is the same WH as Single (which has 2 implied allowances) The Single 2 jobs is the "new" calculation, as well as federal Head of household WH status. Using my test figures, the possible under withholding (new form) for those with less than the implied allowances, is significant. For those preparing the new form, knowing the implied allowance numbers will be needed, if comparing to knowledge of what was on the old form, or using "experience" with the old form. This can be handled relatively easy. Whatever the allowance value is (currently 4200), if you want to claim less than the implied number of allowances, add the allowance amount (currently 4200) per each allowance less you want to claim, other income (4a). To equal what the old Single 0, use Single, with 8400 (using current allowance figure) as other income. With the new Single 2 jobs being radically more WH than the current Single zero, and with many set on the idea of using the current Single zero as a "fail safe", the new "fail safe" would be Single, 8400 (adjust for the new allowance figure for 2020 and beyond) other income. --- Of course, until the final revisions are released, it is only speculation... With no impetus to negate the existing forms, the calculations and W4 seem reasonable, even with the ugliness of implied allowances in the new calculation.

NY decoupled from the TCJA similar to CA: https://www.tax.ny.gov/pdf/memos/income/m18-6i.pdf

Have any of you had problems with client sending the payment with the amended return only to have it refunded later because they have nothing to pin it to? Then get a bill for the amount due when they finally get around to posting the amended return? These has happened several times for me, so much so that I don't have client send in the payment but rather have them wait till they get the bill. I have even had a couple where the amended return shows a refund and instead my client got a bill. Back when IRS would actually talk to you we were able to get it straightened out when the agent saw that a number had been dropped when they keyed in the amended information. They made the correction on the spot and client did receive his refund. Close to two years ago I did an amended were the client owed a little over 300. Because of my past problems I suggested not sending in a payment and a few weeks later he received a refund check of over 6,000. To this day we still have a descrepency, but I believe the client is going to pay just to get them off his back. What a mess! And the sad thing is the clients sometimes think it's on our end, but I rechecked everything and I was right, but again I believe a miss keyed figure was the blame.

I've always felt that there should be no withholding, and taxpayers should write one (plus one more for each state they're connected to) big tax check with their tax return. Actually write the checks. Then they would know how much their government is costing them and could weigh the costs/benefits and vote accordingly. Until then, I highlight the Tax Liability lines on summaries to point out their taxes, not refunds or balances due.

I guess I'm in the minority not minding the questions. If we're going to have a complicated tax system then someone needs to help people navigate it. The only way to really simplify W-4s would be to eliminate all deductions and all credits and all tax brackets and all filing statuses. Everyone would just pay a flat tax on their wages and couldn't write off anything against it. Maybe the government could even start running its welfare programs through the Department of Health and Human Services instead of through the IRS. Yeah, I know...

I see I am not the only cynic amongst the crowds here... lol. Who's that Jeopardy game show host? "Alex, I'll take the float for $8,000, please!"

So they can take the money when they correct the return but they can't take the money when the taxpayer amends the return? That sounds like an amazingly well thought out system essentially designed to generate interest for the government.

I have several clients who have SMLLCs for their rental real estate holdings. Since the SMLLCS are disregarded entities for tax purposes, everything is reported on Schedule E. Your client's situation is really no different except that the transactions will be reported on Schedule B, D and Form 8949.