Timely Advice: IRS Publishes Simple Tax Guide for Employees
January 25, 2019
During tax filing season, employees often look to payroll professionals for answers. This year, there may be even more questions due to sweeping changes caused by the Tax Cuts and Jobs Act (TCJA).
The IRS is making your job a little easier with its new Publication 5330, The New Tax Cut Law Will Impact Your 2018 Tax Return. It’s a simple, one-page document that you can print out or email to your employees.
This guide is a simple, one-page PDF with information you can use to respond to employee questions during this busy time of year. The guide was developed in partnership with the American Payroll Association (APA). According to the APA, “Payroll professionals likely distributed many messages about the TCJA to employees during the year.”
This guide has two key messages:• Changes are a result of the new tax law and not your payroll or human resource department.• Do not consult your employer/payroll office for tax advice.
The guide explains the major changes to tax law for 2018 taxes, and it goes on to direct employees to the IRS website for more information on the TCJA and gives advice on how employees can act now to prepare themselves for the 2020 tax filing season.
