A “First of its Kind” PFML Plan launches in New Hampshire
Beginning in December 2022, employers can start enrolling in New Hampshire's new voluntary Paid Family and Medical Leave plan for employers and employees of all types of businesses.
The recent Tax Cuts and Jobs Act, signed in to law by President Trump late last year, suspended personal exemption deductions - a key component of the Form W-4. This left payroll professionals worried about transferring current withholding for their employees to the newly updated tax rates and income brackets.
But that worry is unnecessary for now. There is no need for employees to re-do their current Form W-4s in response to tax reform. The IRS issued guidance earlier this week about Form W-4 that:
The IRS designed the 2018 withholding tables and percentages, released earlier in 2018, to work with the 2017 Form W-4. However, the IRS must revise the following sections:
Under the Tax Cuts and Jobs Act, the IRS could potentially delay making changes until 2019. At this point, there is no clear indication when the new Form W-4 will be available - but when it is both paper and electronic withholding forms will need to be updated.