New tax law won't affect 2017 filing season

Bitcoin Will be The Focus of the G20

Treasury and Internal Revenue Service officials made the predictions while releasing new tax withholding tables, which USA employers must begin using by February 15 to determine how much federal tax gets subtracted from employee wages under the new tax law.

Businesses across the country must adopt the changes by February 15.

U.S. Treasury Secretary Steve Mnuchin said Friday that he wants to ensure the government keeps regulatory authority over cryptocurrencies like bitcoin.

The new law makes a number of changes for 2018 that affect individual taxpayers.

The IRS also said it was not yet ready to issue a new W-4 form.

To help people determine their withholding, the IRS is revising the withholding tax calculator on IRS.gov.

The department's inspector general launched the investigation after Treasury Secretary Steven MnuchinSteven Terner MnuchinMark Mellman: History's judgment Trump's motorcade greeted with chants of "lock him up" in NYC Treasury watchdog probes lack of tax plan analysis from Mnuchin MORE faced intense criticism over the scoring of the GOP tax plan.

So now is a good time to take a second look at your tax withholding at work.

US Trade Rep Blasts Canada WTO Complaint About US Duties
Trying to get as much as possible from the process by using all political and legal means available is simply part of the process. Chapter 19 allows the parties to bypass the national judicial system to challenge countervailing and anti-dumping duties.

But the taxing service did note that the new tax rates will require a new approach to the W-4 forms and that it should have the new forms by 2019.

Mnuchin said he was concerned about making sure that consumers fully understood the risks of investing in bitcoin.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances.

This morning I've decided that the most important thing I can tell you about is a change to the tax table. Form W-4 and the revised calculator will reflect additional changes in the new law, such as changes in available itemized deductions, increases in the child tax credit, the new dependent credit and repeal of dependent exemptions.

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.

"I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year", Wyden said in a January 11 news release. 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 they are paid - generally weekly, biweekly or monthly.

The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made.

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