Last December’s Tax Cuts & Jobs Act has brought the IRS and Treasury together to help simplify the many complexities and changes as per the tax reform. In doing so, on their website, the IRS has provided taxpayers with updated withholding information, the draft version of Form W-4, as well as instruction for filling out said form. With the major changes that come with the newly revised form, taxpayers and tax professionals alike should familiarize themselves with these revisions to avoid any surprises.
Another eye-opener is the size of the proposed W-4. Where the previous version consisted of only 4 pages (instructions included), the revised draft version is only 2 pages but with an additional 11 pages of instructions.
With that being said, the IRS and Treasury have pointed out that taxpayers may continue to use the unrevised W-4, so that if taxpayers are content with their current withholding there is no need for them to file a new one. On IRS.gov, taxpayers can find the draft Form W-4 along with it’s instructions. Revised versions are expected to be released around the second week of August.
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