Trump administration opts for speed over accuracy in implementing new tax law

[brooklynite]

Source: Washington Post

The Trump administration is pushing American businesses to withhold fewer taxes from paychecks by February, aiming to quickly deliver the boost in take-home pay that Republicans promised their tax law would bring.

But the rush could expose millions of workers to the risk of underpaying taxes to the government now, which means they might owe more than they are expecting when they file taxes in April 2019.

Business and taxpayers looking for clarity will be appealing to an Internal Revenue Service that, according to an internal watchdog report Wednesday, is underfunded and ill-prepared to answer basic questions. The national taxpayer advocate, an independent official within the IRS, noted the agency has estimated it would need $495 million in 2018 and 2019 to meet the new obligations created by the GOP tax law.

Read more: https://www.washingtonpost.com/business/economy/trump-administration-opts-for-speed-over-accuracy-in-implementing-new-tax-law/2018/01/10/88221d76-f493-11e7-b34a-b85626af34ef_story.html

[Iliyah]

1. In other words, screw it up like everything else this asshole touches.

Alongwith the rest of the nightmares, add another one.

[Cryptoad]

3. The Inverse Midas Touch!

[BumRushDaShow]

7. Was gonna post that...

[Cryptoad]

9. ,,, u know Great minds,,,,,

with the "reverse" he could touch it twice and be back where he start ,,, but with teh " "inverse", the more he touches it, the more concentrated the Fecal slime becomes.

[BumRushDaShow]

10. His touch produces more swamp things!

[BumRushDaShow]

2. And in this case, the timing would mean

taxpayers wouldn't know that they have been even more royally screwed until AFTER the 2018 elections.

[thesquanderer]

4. Bingo. (n/t)

[mahatmakanejeeves]

5. "Your call is important to us. Please remain on the line, and an agent will be with you shortly." NT

[iluvtennis]

6. Email I got from my company benefits today...there is no guidance from IRS, so status quo remains...

...I'm not in the upper echelon for any savings (middle class), so there is no tax break for me. I will be leaving my W4 withholding as is. The average of $18/week savings is just that an average. Poor ppl pay more, rich pay less, middle class is squeezed in middle with nothing.

This administration is appalling.

---------
Dear xxx,

The tax reform bill signed into law in December will result in significant changes to the federal income tax withholding and exemption process in 2018. The IRS has not yet issued definitive guidance on this topic. For the latest IRS statement on this topic as of January 8, 2018, please see the link and IRS statement below. We are continuing to monitor IRS tax reform guidance closely and we will provide further updates on the 2018 federal withholdings and exemptions as they become available.

From the IRS Website: https://www.irs.gov/newsroom/irs-statement-withholding-for-2018

December 26, 2017

The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.

Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February. In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.

Sincerely,

yyy
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[CountAllVotes]

8. Why speed up stealing trillions of $ from the American people?

WHY? Because it is in YOUR best interest that is why dump.

Doesn't give a damn about the American people, nope!

Enjoy ONE PERCENT folk. Share that money if you dare (and I just know you won't unless there is yet another tax write-off in it for you!).

[More_Cowbell]

11. He doesn't care what taxpayers face AFTER the election

When people who usually get refunds don't get them.

I never get refunds, because I don't loan money to the federal government without interest, but I know a lot of people who count on refunds as a kind of savings bonus.