Tax law implementation to cost IRS almost $500 million

US Finance Regulators Form Crypto Working Group, Says Mnuchin

The most obvious evidence for this is that Hatch never demanded the Office of Tax Analysis study often promised ("100 people working around the clock") by Treasury Secretary Steven Mnuchin.

In the meantime, on Thursday, a senior IRS official speaking on background during a phone call press conference explained that the new withholding table is the first installment in a three-step process created to ensure wage earners have the correct amount of taxes withheld, preventing under or over paying.

Individual taxpayers aren't required to make any changes to their Form W-4 right now. Taxpayers who have more complicated tax situations, such as those who itemize deductions, are especially encouraged to check their withholding amounts, the IRS said. Employees do not have to do anything at this time. Despite the pointed failure of similar efforts in the past, Congress passed a law in 2015 requiring the IRS to use outside contractors to make a dent in the $138 billion that taxpayers owe the government.

A new tax law means millions of people will have questions about their taxes.

For example, "the tables aren't created to account for married couples with two incomes, or side jobs with no withholdings", said Kathy Pickering, executive director of The Tax Institute at H&R Block.

Yahoo Finance ran the numbers and found a net drop in tax withheld in each of 11 income categories we examined.

The report to Congress also looks at a variety of other tax administration issues, including the IRS's administration of the private debt collection program, the agency's increasing emphasis on online taxpayer accounts, and how it is implementing a recent law that would deny or revoke the passports of taxpayers with significant tax debts.

The tax agency also noted that, by law, the IRS can not issue refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit before mid-February. There are new tax credits while other mainstays - like the $4,050 personal exemption - are gone.

The calculator and new Form W-4 can be used by employees who wish to update their withholding in response to the new law or changes in their personal circumstances in 2018, and by workers starting a new job.

The 2017 Annual Report to Congress from the IRS's Taxpayer Advocate Service, headed by Olson, discusses some of the challenges the IRS will confront as it implements the recently enacted tax reform legislation. The effort will be created to help workers ensure that they are not having too much or too little withholding taken out of their pay. Treasury would achieve that, the lawmakers surmised in the letter, by pushing the IRS to change its formula for withholdings.

Congressional Democrats are concerned that in making those changes, the IRS may have caved to pressure from the administration to deliver immediate tax savings to workers' paychecks while exposing taxpayers to higher tax bills in 2019.

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