In a notice, the IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions. The notice also provides that the IRS will be issuing withholding regulations that reflect changes made by the Tax Cuts and Jobs Act (TCJA) as well as other miscellaneous changes.
Notice provides a variety of guidance
The notice provides a variety of guidance including:
- withholding allowances;
- changes of status solely because of the TCJA;
- employees who fail to furnish a valid Form W-4;
- estimated amounts of deductions and credits under Internal Revenue Code (IRC) Section 3402(m);
- use of withholding calculator and Publication 505 as an alternative withholding procedure;
- alternative withholding methods under;
- suspension of requirement to notify the IRS that an employee is not employed by an employer; and
- withholding with respect to pensions, annuities and certain other deferred income.
For more information about this article, please contact our tax professionals at taxalerts@windes.com or toll free at (844) 252-7337.