The IRS is concerned that the changes brought about by the Tax Cuts and Jobs Act may result in some taxpayers not withholding enough from their paychecks. This error could bring unpleasant surprises at tax time. To help raise awareness for these taxpayers, the IRS is conducting a second “Paycheck Checkup” effort beginning the week of Aug. 13. During this week, the IRS is spotlighting a variety of tools – including the online Withholding Calculator – to help taxpayers learn if they need to make changes to withhold a different amount from their paychecks to comply with the new law. This article explains some of the tax changes that could affect your withholding, and suggestions by the IRS for implementing your checkup.

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Your tax advisor at Sharrard, McGee & Co., PA can help you confirm that your withholding amount is correct. Please call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.