The Internal Revenue Service and the Treasury have been working their way through the many, many ramifications of last December’s Tax Cuts and Jobs Act. Early in the year they offered updated withholding tables so taxpayers could take advantage of some of the tax reform changes, while more recently they released a draft of a postcard-sized 1040.
And in June, they released a draft of a proposed version of Form W-4, “Employee’s Withholding Allowance Certificate,” along with new instructions for filling it out. Here are some of the highlights.