New federal tax bill takes effect
A new tax reform bill was signed into law December 22, 2017, that may or may not impact the amount of tax withheld from the paychecks of Southwest employees in the near future. The Internal Revenue Service (IRS) is currently developing new withholding guidelines and anticipates release of these guidelines later this month. IRS emphasizes that the new guidelines will be “designed to work with the existing Forms W-4 that employees have already filed and no further action by taxpayers is needed at this time.”
As a Tennessee Board of Regents institution, Southwest Tennessee Community College will continue to follow IRS and TBR guidelines regarding withholding and will implement the new guidelines once IRS and TBR issue them. In the meantime, the College will continue to follow the 2017 tax code withholding guidelines until the new guidelines are issued. Read the official statement issued by the IRS Dec. 26, 2017.