WARNING TO ALL CLIENTS
Subject: Federal and State withholding amounts.
Applies to anyone having withholding from wages, social security, etc.
My office has warned our clients several times already, but it never hurts to do it again!
IRS and Oregon issue warnings
The issue concerns the amounts being withheld from earnings. The new tax law instituted lower tax rates and, thus, withholding tables were revised to allow less withholding. There is a huge concern that taxpayers are NOT having enough withholding taken out for Federal or State purposes.
Why all the fuss and bother? Because the IRS and Oregon are quite worried that taxpayers are going to discover, when it comes time to file their 2018 tax returns, that their withholding has NOT been enough and they will be owing a lot of taxes. BAD!
What do YOU need to do?
Glad you asked! This is important. Like I said, we have written about this to you earlier in the year, but it needs to be stressed again.
Here’s what you should do…..now. Get the latest copy of your payroll stub and/or other withholding document. Now, look it over and find where it shows the year-to-date amounts for Federal and State withholding. Got it? Next, compare that to last year’s info. Ooooops….don’t have last year’s info? Didn’t keep them? For wages, get hold of your payroll department and get them. Compare this year to last year. Are the amounts different? By a lot? This will alert you to a potential big problem that you can fix NOW before the end of the year.
Need help?
Call us as soon as possible and let us help you figure this out. We don’t want any of our clients to get hit with this problem!
Mike Gordon, CPA