With the new tax reform bill signed into law in December 2017, many people are looking for the new Federal Withholding tax tables. According to an IRS statement posted on December 26, 2017:
“The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.
Use of the new 2018 withholding guidelines will allow tax payers to begin seeing the changes in their paychecks as early as February. In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.”
As soon as the IRS has finalized tax tables, Sage will work to create new updates for your product(s) that include these new federal withholdings, as well as any state changes that have been communicated to us.
Eileen each product line is working very hard to get the tax updates created and sent out to customers as soon as we are able to.
Many of our employees have been asking why the update hasn't been made as of yet. Many companies & payroll services have already changed the tables and employees have seen the changes in their paychecks. I hope this update comes soon in Sage.
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