Payroll Impacts of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act of 2017 is the most significant change of the U.S. tax system for employers in more than two decades. With little time to plan and respond, it’s critical for employers to understand what’s changing, the impact on employees and what you need to do now to respond.
Mindy Mayo, Principal of Employment Tax for Ryan LLC and contributing partner to CIC Plus, highlights how the tax reform legislation will affect employers’ payroll operations in Payroll Impacts of the Tax Cuts and Jobs Act.
Employers will need to respond in short order to the payroll and tax withholding changes caused by the Tax Cuts and Jobs Act, placing additional administrative burdens on Payroll organizations to ensure they remain in compliance. While it’s not anticipated that the federal W-4 form will change this year, a new W-4 will likely be issued next year requiring all employees to submit new tax withholding information. The TCJA will also have significant implications at the state and local level, reinforcing the need for employers to have an efficient and reliable process in place to implement and manage tax changes for their employee populations.
For those in California, we invite you to join CIC Plus at two upcoming APA chapter events on February 15 in Sacramento and February 22 in San Francisco where Mindy Mayo will present the latest developments on the Tax Cuts and Jobs Act.