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The United States Internal Revenue Service (IRS) released a new tax calculator on February 28, 2018, which taxpayers can use to help check whether their withholding under the new tax law is correct. Worldwide ERC® members should encourage their transferees to make use of these new tools.
The Tax Cuts and Jobs Act made many changes to the tax code, including lower rates, higher child credits, a larger standard deduction, and new limitations on many itemized deductions.
Transferees typically have somewhat more complicated returns than they are used to, and in addition the elimination of the moving expense deduction and the new limits on deductions for state and local taxes and mortgage interest may affect their tax picture.
The new calculator, which requires the taxpayer to anonymously answer a number of questions about income, dependents, deductions, and more, will help taxpayers decide whether their current withholding is too high or too low and avoid surprises at year end.
Information about the new tax calculator can be found in IR-2018-36 on the IRS.gov website.
The IRS also released a new Form W-4 that taxpayers can file to change their withholding allowances, and a set of Frequently Asked Questions which should help mobility professionals explain the calculator to employees.
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