The New Form:
The IRS has published the 2018 Form W-4. The IRS developed updated guidance for withholdings after the latest tax reform bill was signed into law in December. The new withholding tables reflect many changes including updated tax rates and brackets.
What this means for you and your employees:
Employers – You should implement the new form immediately.
Employees – The IRS recommends employees review their current withholdings under the new changes.
Employees can utilize the updated Withholding Calculator on the IRS website to make sure they are having the
correct amount withheld from their paychecks. Should they wish to make any changes, they can complete the new
2018 Form W-4 and provide it to their employer*.
*If your company utilizes Innovative Business Solutions’ WebHCM platform, your employees can complete a new form online by logging into their employee profile and navigating to: My Account > My Forms > Withholding > select Form W-4.