New Form W-4 Delayed

The IRS issued a notice on Monday, January 29, 2018, to provide more guidance on the withholding rules that resulted from the recent legislation known as the Tax Cuts and Jobs Act.  As part of that new legislation, the IRS issued new withholding tables with a promise of a new Form W-4.  The IRS has been in the process of revising Form W-4, but now feel that the new version may not be finished until after February 15, 2018. 

Employees, who are exempt from withholding because they did not have tax liability for the previous year and do not expect a tax liability for the current year, are generally required to file Form W-4 to claim the exemption.  The forms are usually effective for the current tax year until February 15 of the following year.  The notice explains the rules for taxpayers who wish to claim the exemption for 2018, which include an extension of the effective date of the 2017 Form W-4 until Feb. 28, 2018, and allowing taxpayers to use the 2017 W-4 form (modified as instructed in the notice) until 30 days after a 2018 version of Form W-4 is issued by the IRS.

The notice in general covers these points:

  1. Extends the use of existing 2017 Form W-4 to claim exemption from withholding for 2018 until the IRS can issue a new 2018 Form W-4
  2. Temporarily suspends the rule that employees must notify their employers of changes in status that affect their withholding with ten days
  3. Provides the new rate of optional withholding on supplemental wages
  4. Provides that withholding on periodic payments (such as annuities) when no withholding certificate is in effect is based on treating the payee as married and claiming three withholding allowances.

 If you need further guidance, please contact Loggins Kern & McCombs. 

New Tax Law Seminars – Complete List

We continue to add new locations and times for our seminar on the New Tax Law.  Most sessions are filling up quickly, so call Pam Burnett at 770-478-7424 to RSVP today. 

We are pleased to announce that we are conducting seminars on the new tax law around the Atlanta area.  We hope that one of these locations is convenient for you and that you will be able to attend and learn how the new legislation affects your tax situation.

January 24, 2018 – North Atlanta
10:00 a.m. – 11:00 a.m  – Finished
1:00 p.m. – 2:00 p.m. – Finished
Renasant Bank
880 Holcomb Bridge Road
Roswell, Georgia 30076

January 25, 2018 – Webinar – Class Full
1:00 p.m.-2:00 p.m.
Live Webinar

January 26, 2018 – South Atlanta
10:00 a.m. – 11:00 a.m   OR   1:00 p.m. – 2:00 p.m.
Clayton State University – East Campus
5823 Trammel Road
Morrow, Georgia 30260

February 1, 2018 – Hampton
12:00 p.m. – 1:30 p.m.
First National Bank of Griffin
996 Bear Creek Blvd
Hampton, Georgia 30228

February 5, 2018 – Fayetteville
10:00 a.m. – 11:00 a.m.
Fayette Chamber of Commerce
600 W. Lanier Avenue, Suite 205
Fayetteville, Georgia 30214

February 15, 2018 – Buckhead
10:00 a.m. – 11:00 a.m.
Atlanta Tech Village
3423 Piedmont Road NE
Atlanta, Georgia 30305

Tax Season Hours

It’s that time again – Tax Filing Season! 

That means you need to start gathering your important tax documents for this year’s return preparation.  For Loggins Kern & McCombs employees, [Read more…]

New Withholding Tables Issued

The IRS has issued new income tax withholding tables for 2018 due to major changes in the new tax law.  Everyone should take a look at your withholding to make sure you’re deducting the correct amount of taxes under the new legislation. [Read more…]

Happy Holidays!!