Posted by Neely Munnerlyn
The Internal Revenue Service recently released Notice 1036, which updates the income tax withholding tables for 2018 to reflect changes made by the tax reform legislation enacted last month. The updated tables reflect the increased standard deduction, repeal of personal exemptions and adjusted tax rates included in the new tax law. Employers should begin using the new withholding tables as soon as possible but no later than February 15, 2018. The IRS also published a list of Frequently Asked Questions to provide additional guidance to employers. Click here for Notice 1036 and here for the list of Frequently Asked Questions. Please contact the above author or the Thompson & Knight attorney with whom you regularly work if you would like to discuss the new tables.