Here we go again - IRS is changing paycheck withholdings

Mook

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https://finance.yahoo.com/news/another-tax-headache-ahead-irs-100101435.html

A lot more to read in the link.

You finally finished your taxes and are learning – for better or worse – the ins and outs of the new law.

But wait, the law isn’t done with you. There’s another complication coming out later this year: The Internal Revenue Service is changing how you adjust your paycheck withholdings, and early indicators show it won’t be easy.

The agency plans to release a new W-4 form that better incorporates the changes ushered in by the new tax law so that the amount held back for taxes in each of your paychecks is more accurate.

The agency’s goal: A taxpayer shouldn’t owe or be owed come tax time.

But the changes won’t be simple, says Pete Isberg, head of government affairs at ADP, the payroll and human resources company.

Filling out the new form will be a lot like doing your taxes again.

“It’ll be a much bigger pain,” he says. “The accuracy will be 100 percent, but the ease-of-use will be zero.”
 

Pressure Ratio

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"The accuracy will be 100 percent..."

Why do I have a feeling this will not be true. lol



"but the ease-of-use will be zero.”

But I totally agree this will be true. :rofl:
 

blakbearddelite

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I imagine if you know exactly what your income and deductions will be, it could be 100% accurate. But no one ever truly knows exactly. Though you can probably get pretty damn close where the difference is immaterial.
 

N20GT

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All the simpletons of the world are just going to complain when they don't get $5k back...why even do this

That's right [MENTION=4873]GLADIATOR[/MENTION] i'm talking about you
 

Ryan02Stang

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I imagine if you know exactly what your income and deductions will be, it could be 100% accurate. But no one ever truly knows exactly. Though you can probably get pretty damn close where the difference is immaterial.
I bet most are utilizing the standard deduction now...so it shouldn't be too hard to get it right.
 

Ryan02Stang

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We should do away with tax withholding altogether. We should calculate our bill each year, and have to write the check by April. Stupid to have it taken out each paycheck, and then have to true it up the following year.

If people are too stupid to put away their own money each month to pay the bill at year end...wage garnish them with interest.
 

The Broken Regal

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All the simpletons of the world are just going to complain when they don't get $5k back...why even do this

That's right [MENTION=4873]GLADIATOR[/MENTION] i'm talking about you
logged in just to like this comment lmao
 

Pressure Ratio

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We should do away with tax withholding altogether. We should calculate our bill each year, and have to write the check by April. Stupid to have it taken out each paycheck, and then have to true it up the following year.

If people are too stupid to put away their own money each month to pay the bill at year end...wage garnish them with interest.
I bet it was more that the gov worried people won't pay it. The cost to chase down people would cost more than the people owe. This way the gov get company's to do the work, get the money up front (or most of it), and have less work to do themselves.


The big thing I have issue with is the extra info employees would/may have to give that they do not have any right to see. As the article says.
 

Marko

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I’ve said many times on TCG. Our government totally sucks at managing money. And Social Security is a fucking joke too.
 

b00sted

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Sounds like a mess as I have both a w2 and 1099s. I guarantee it's not going to be a wash at the end of the year, lol...Even though I would love that.
 

boostedguy05

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So I can expect to pay no taxes throughout the year, and get a bonus check at end of year for my exemptions. Sign me up!
 

importcrew

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Speaking of IRS.... There's a bipartisan bill aiming to prohibit the IRS from creating/having a free electronic filing system. There's more to the article in the link below.

https://techcrunch.com/2019/04/09/the-government-is-about-to-permanently-bar-the-irs-from-creating-a-free-electronic-filing-system/

Thanks to pressure from tax preparation industry, Congress is getting ready to ban the Internal Revenue Service from ever building a free electronic tax filing system.

As ProPublica reports, the effort is a bipartisan one. The House Ways and Means Committee, led by Massachusetts Democrat, Richard Neal, passed the Taxpayer First Act.

The bill would make changes to the IRS and is sponsored by Georgia Democratic Congressman*John Lewis*and Mike Kelly, a Republican from Pennsylvania.

One of its stipulations would make it illegal for the IRS to create its own online system for tax filing. That’s right, members of Congress are prohibiting a branch of the federal government from providing a much-needed service that would make the lives of all of their constituents much easier.

And why is Congress taking the step? Because companies like*Intuit,*the company behind*TurboTax,*and H&R Block have been lobbying lawmakers for years to take the step.
 

Fish

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Speaking of IRS.... There's a bipartisan bill aiming to prohibit the IRS from creating/having a free electronic filing system. There's more to the article in the link below.

https://techcrunch.com/2019/04/09/the-government-is-about-to-permanently-bar-the-irs-from-creating-a-free-electronic-filing-system/
Yup. Other countries have free ways of doing their taxes provided by the government, but we cant have that cause all of these companies that make their money with just tax return stuff would go out of business cause their wouldnt be a business anymore.

Or they could diversify and start doing other services. Nah, just lobby and make it to where they are needed.
 

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