The new tax law passed last month has led to confusion as it eliminates many provisions of the tax code such as personal exemptions. The IRS has issued a notice providing guidance on what to do with the Form W-4 under the new Tax Cuts and Jobs Act. The effective period of Forms W-4 furnished to claim exemption from income tax withholding has been extended until February 28, 2018 and temporarily allows employees to claim exemption from withholding for 2018 by using the 2017 Form W-4. The IRS has updated the withholding tables and promises further guidance is on the way including an online tax withholding calculator posted on its website.
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