Elite Financial Services, LLC
Professional Tax & Bookkeeping Firm


Announcements and Tax Updates

Tax Reform Resources

IRS Tax Reform Tax Tips

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers, businesses and the tax community:

  • New Tax Reform Web Page. The IRS created the Tax Reform page to highlight what taxpayers need to know about the tax law changes and how they affect taxpayers. This page also links taxpayers and tax professionals to news releases, publications, notices, and legal guidance related to the legislation.

  • Updated Withholding Calculator. The IRS updated the Withholding Calculator to reflect the changes to the withholding tables. The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup,” which is even more important this year because of the tax law changes. The calculator helps taxpayers determine if they’re having the right amount of tax withheld from their paychecks.

  • Updated Form W-4, Employee’s Withholding Allowance Certificate. Taxpayers who determine they need to make changes to their withholding can refer to the new Form W-4, which reflects the tax law changes. Employees will submit the completed Form W-4 to their employers.

  • Frequently Asked Questions. The IRS posted new FAQs to help people understand how to use the Withholding Calculatorand the changes to the Withholding Tables.

More information about the tax law changes will be coming throughout the year. IRS.gov will be updated to reflect changes as they develop.

Naomi Anthony