Financial Management |
This article was updated on January 16, 2018.
Independent schools should prepare to adjust employee payroll withholding for taxes; employers must begin using new tax withholding tables by February 15 at the latest. Following the passage of the tax bill in late December, the IRS indicated it would change withholding guidance, and the agency released the modifications and a set of FAQs on January 11. Employees could see the impact in their paychecks as soon as February. The agency says new withholding tables and guidance will work with existing W-4s; new forms will not be needed this year. Employees, however, may want to adjust their withholdings to align with new tax brackets and rates.
The following sections of the W-4 will be affected, according to the payroll and human resources software company Paylocity:
NBOA will continue to follow the guidance changes closely and update NetAssets.org with new information. If you have questions or comments, please contact Jennifer Osland Hillen, NBOA's director, tax and accounting programs, at firstname.lastname@example.org.
New Tax Withholding Tables in Effect
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Tax Bills Extend 529-Type Plans to K-12
Schools Encouraged to Speak Out on Tax ProposalsGOP House and Senate Tax Plans Worry Independent Schools
GOP Tax Reform Jeopardizes Tax-Exempt Financing for Independent School
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