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SOURCE Paychex, Inc.
ROCHESTER, N.Y., Dec. 21, 2017 /PRNewswire/ -- The House voted on Wednesday to approve the final tax plan, ushering in the most comprehensive tax reform legislation in more than two decades. Paychex, Inc., a leading provider of human capital management solutions for payroll, HR, retirement, and insurance services, is poised to help business owners implement the provisions of the bill and offer solutions to manage payroll tax obligations.
"The debate is now over and the bill has passed. What's left is for business owners to prepare for the changes tax reform will bring," said Martin Mucci, president and CEO of Paychex. "Paychex, with more than 45 years in the payroll and HR industry, is ready to provide the support our clients need to navigate the new tax code, and our systems are ready to implement the updated rates as soon as they become effective. Paychex provides many resources to our clients, from online educational content, videos, and webinars, to 24/7/365 service from experienced payroll specialists, along with on-site HR support."
The final tax reform bill, which takes effect in 2018, contains numerous provisions affecting businesses and individuals. Here is an overview of the key elements:
What the Law Means for Small Businesses
What the Law Means for Individuals (2025 Sunset Date)
Although many of these changes apply to the individual section of the tax code, employers will need to adjust their income tax withholding for employees. Employers must implement new withholding tables once the Internal Revenue Service (IRS) releases them. The IRS has indicated that it needs time to evaluate the tax changes, so new tables likely won't be available before the changes go into effect in January. Once the IRS releases the withholding tables, employers will have a transition period in which they can use the old withholding tables while testing the new tables in their payroll systems.
Given the bill's significant shift away from personal exemptions and itemized deductions, it is likely that the W-4 form will also require revision. While it is not yet known what employers will have to do if the IRS releases a new W-4, it is expected the agency will provide guidance.
How Paychex Can Help
Understanding the implications of the final tax bill can be a daunting task. For a full overview, including employee benefit and healthcare analysis, visit our tax reform resource center at www.paychex.com/articles/compliance/tax-reform.
In addition, Paychex can help businesses implement the provisions of the new bill with comprehensive solutions for managing payroll tax obligations. Visit www.paychex.com for more information.
Note: The information contained within is not tax or legal advice. These issues are complex and applicability depends on individual circumstances. Businesses should consult tax or legal counsel before taking action on any of the items identified above.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients as of May 31, 2017, across more than 100 locations and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.
Eric Mower + Associates
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