Lee B Posted November 27, 2018 Report Share Posted November 27, 2018 "The IRS released Notice 2018-92 on Monday, providing interim guidance for 2019 on the income tax withholding rules in the wake of the decision to delay the overhaul of the Form W-4 until 2020. The notice also asks for comments on some of the new withholding procedures. It indicates that the IRS is planning further regulations to update the withholding regulations to reflect the changes made by the Tax Cuts and Jobs Act." I am sure we will all forward a copy of this 13 page masterpiece of clarity to each of our wage earning clients, who will thank us profusely for our timely assistance. 2 2 Quote Link to comment Share on other sites More sharing options...
SaraEA Posted November 27, 2018 Report Share Posted November 27, 2018 Many IRS notices are comprehensible, this one is gobbledegook. I don't know what it's saying, except that employees can still use number of "allowances" now that there are no more dependents. It seems to say that employers must furnish employees with the new W4 by April 19 2019, but that may mean only if they want to change the number. I have an awful feeling that many clients will be presenting us with these forms during tax season, when we have the least amount of time to deal with them. One thing the old and new W4 calculations do not take into account is that most taxpayers like to get refunds. They don't want to calculate their tax withholding to match their tax liability; they want to pay a bit more and then delight in getting something back. And I don't like the feeling I have that I am no longer confident in telling clients to just claim single, zero. Although we may be able to still do that with the new W4, we have no idea how much withholding will be the result. 2 Quote Link to comment Share on other sites More sharing options...
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