IRS Gives Employers Until February 15th To Implement New Tax Guidelines

The IRS is rolling out new income tax withholding guidelines for companies. Employers have until February 15th to implement the lower tax rates signed into law by President Trump just before Christmas.  According to Fox Business, the IRS says it "generally takes companies about a month to integrate new withholding guidelines." 

Companies that use a payroll processing firm will likely be able to implement the lower rates sooner, while smaller companies may require a little more time to make the changed. 

U.S. Treasury Secretary Steven Mnuchin expects about 90% of American's will take-home more money in their paychecks under the new withholding tables.

The IRS is expected to release a tax calculator next month aimed at helping workers determine if they have enough taxes being taken out or not.