The IRS released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month.
The updated withholding information, posted on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables.
More information is available in the IRS Withholding Tables Frequently Asked Questions.
The president has signed the new federal tax law on December 22. Here’s the latest tax briefing from Wolters Kluwer as of 12/22/17.
Governor Andrew M. Cuomo has signed an emergency Executive Order that will allow New Yorkers to prepay next year’s property taxes this year, before the new federal tax law takes effect. Payments must be postmarked by December 31, 2017. For more information, contact the tax collector for your county/locality.
The order authorizes localities to issue warrants for the collection of early property tax payments and to accept partial payment—allowing New Yorkers to pay a portion or all of their 2018 property taxes before the end of the year to keep the deductibility.
Check with each tax receiver to see if you’re eligible to make an early payment. The deadline is December 31, so you must act quickly.
Deadline for prepayment
Payments made by mail and postmarked on or before December 31, 2017, will be considered timely. If their county accepts online payments, you may pay online until 11:59 p.m., Sunday, December 31, 2017.
For more information, see Executive Order #172.