The Internal Revenue Service encourages taxpayers to use the IRS website as their first stop to look for information about how the tax reform legislation, Tax Cuts and Jobs Act, affects their taxes. With an updated tax reform section and frequent updates, the IRS launched new easy-to-read and easy-to-use web pages to help taxpayers. Here are some facts about the newly launched pages on the website and the topics they cover.
The IRS.gov/taxreform page features three sections, one for each type of taxpayer:
THE INDIVIDUALS PAGE SHARES INFORMATION ABOUT:
· Withholding – How the IRS Withholding Calculator can help taxpayers perform a “Paycheck Checkup.”
· Credits – Changes to the child tax credit, additional child tax credit, and information about the new credit for other dependents.
· Deductions – The law changed standard and itemized deductions.
· S. Armed Forces Members – Tax reform updates about combat zone benefits and moving expenses.
THE BUSINESSES PAGE IS FOR BUSINESSES OF ANY SIZE. IT INCLUDES LINKS TO THESE TOPICS:
· Income – including gains and losses
· Deductions and depreciation
THE TAX EXEMPT AND GOVERNMENT ENTITIES PAGE HIGHLIGHTS:
· How the law affects retirement plans, charities and governments.
USERS CAN GET TO THE TAX REFORM SECTION OF THE IRS WEB PAGE BY:
· Entering gov/taxreform in their Web browser address bar
· Searching tax reform from any IRS web page
· Tax Professionals can find a Tax Reform link in the Tax Pros area on IRS.gov
Thank you for choosing Paylocity as your Payroll Tax partner. Should you have any questions please contact your Paylocity Account Manager.
This information is provided as a courtesy, may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.