Bummer: Trump Tax Law To Create Challenges For IRS

Bummer: Trump Tax Law To Create Challenges For IRS

Internet Taxes

The Hill thinks this is going to be really super difficult for the Internal Revenue Service, per the headline

Trump’s tax law creates new challenges for IRS

Oh noes, challenges!

The Republican tax bill is the law of the land — but for federal officials, the work is just beginning.

The Treasury Department and the IRS now have a mammoth task on their hands as they seek to turn the sweeping tax provisions passed by Congress into new rules and regulations.

Good grief, they might have to do some actual work!!!!!

The people working for the IRS don’t seem too concerned

The most pressing tax for the IRS is to issue new guidance on tax withholdings from people’s paychecks. The agency said it expects to put forth guidance in January that “will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

Withholdings are currently based in part on taxpayers’ personal exemptions, but those are eliminated under the new law. Some tax and payroll experts had been concerned that employees would have to complete new W-4 forms in 2018, since workers fill them out to have the correct amount of taxes withheld from their pay.

However, the IRS said the new guidance “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.”

So, just like at any private entity that makes changes, the IRS is just going on with business. But, hey, let’s go back to that first paragraph

The most pressing tax for the IRS is to issue new guidance on tax withholdings from people’s paychecks. The agency said it expects to put forth guidance in January that “will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

People will start seeing those changes as early as February, whereby they are keeping more of their own money. Too bad Congress didn’t slip in a provision where the final year end check would say “you saved $X money this year due to the Trump/GOP tax cut which all Democrats voted against. Or, better yet, have that message in the first October paycheck, so people can think about it as the November elections approach.

A few of the provisions in the tax law are retroactive to 2017, including a lower threshold for the medical expense deduction. The IRS will need to incorporate these smaller changes in their forms for the upcoming filing season.

The Trump tax bill even helps people for their 2017 filings? Awesome!

The IRS does have a lot of work to do over the next year in implementing the new law, but, hey, that’s why they get paid the big bucks.

Meanwhile, liberals love the GOP/Trump tax plan when positioned as if it was Bernie Sanders’

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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