Oh, My aching back!- February 2, 2018Marissa Adler
I am back from my freezing “winter experience” in DC.
Saturday morning I woke up only to find that my back was out. I toughed it out and spent the day in the office playing catch up. Sunday, which during tax season is a workday, I was in so much discomfort that I could not go to the office. I stayed home, couch-bound with a heating pad on my back. Ali and I vegged out and caught up with the TV shows we missed (we are DVR fiends and we are so far behind in our TV viewing). Don’t you feel bad for us, spending a Sunday in PJs and watching TV? This day was a rarity!
Now that I am back to work, I have completed all the 1099s, 941s, etc. and tax returns that were due on the 31st. Now it is on to monthly bookkeeping as we are still seeking an experienced bookkeeper/QB person to help me. That is a story for another email.
I would like to mention that the IRS came out with the new withholding tables. The new tables reflect the changes in the tax rates that was passed with the Tax Cuts and Jobs Act. If you are doing payroll manually, make sure that you have the new tables. For those that are using software, it should have already been updated. In a recent ruling on Monday, the IRS announced that employees and employers can still use the 2017 W-4s. The new form is expected to be released soon. I have no idea what the new form will look like, as the current form has been in place for years with only minor changes being made during that time.
In another ruling, employees had 10 days to inform their employers if they had a life change event that would affect their withholdings. (i.e., marriage, divorce, death). The new rule extends it to 30 days. I bet that you didn’t know you had to do that. Employers, let your staff know about this.
You are also not required to change your W-4 that is already on file with your employer because of the new law. However, you should contact me, to create an analysis of how the law will affect your 2018 tax situation.
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Jeffrey “my aching back” Schneider, EA, CTRS, NTPIF, and Author