Tax law implementation to cost IRS almost $500 million

Mnuchin Says 90% of Workers to See Increase in Take Home Pay

The new withholding guidance takes into account a number of changes made by the new law, including the larger standard deduction, the elimination of personal exemptions and the new tax rates.

Taking the first concrete step toward the Republican tax plan's promise of fatter paychecks for millions, the Trump administration on Thursday issued new guidelines for how much employers should withhold as taxes from workers' pay. But many Americans, including those who tend to itemize their tax returns, would need to use the online tool to ensure they aren't dramatically overpaying or underpaying their taxes. Employers will have until February 15 to incorporate the changes in their payroll systems.

It's important to note that the time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often employees are paid generally weekly, biweekly or monthly. Mnuchin said the White House press briefing that Treasury and the IRS will release new W-4 forms for 2019 later in the year. Underwithholding would lead to taxpayers owing more when they file their 2018 returns next year. Those changes, the senior IRS official said, will require most, but not all employees, to file new W4 forms later this year. "Then they can decide what they want to do", the senior IRS official said.

Senior IRS and Treasury Department officials told reporters Thursday that they would be encouraging all Americans to proactively use a new IRS tax calculator in late February to help them determine whether their paychecks are accurate.

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"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen.

Another reason additional funds are needed is that although the tax bill was originally promoted as a simplification of the code, new complications have been added in some cases, including exemptions for most refinancings of home mortgages and loans closed after December 15 that had prior binding purchase contracts. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. If they determine they are paying too much or too little in taxes, based on the size of their family or other variables, they can direct their employer to make changes.

Nonpartisan tax experts project that the law will bring lower taxes for the great majority of Americans, though not all.

"I think it's one of the more ridiculous comments to think you can take a real estate tax that you're required to make and dress that up as a charitable contribution", Mr. Mnuchin said.

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