Tax uncertainty and the role of the tax professional

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Tax uncertainty and the role of the tax
professional
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• It could be many weeks, or even months, before
  taxpayers and payroll processors begin to fully
  understand how the new tax laws will affect
  matters, but the guidance due to be issued by the
  IRS this month, should give further insight.
• Changes to the way taxes are filed and processed
  will be put into place in February, and the
  changes may well affect you minimally a lot will
  depend upon your income and your personal tax
  situation. Whatever your circumstances, be
  prepared for your taxes to change, even if you
  wont yet know how

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• Why tax payers should be prepared for tax
  uncertainty
• It may be hard at first to get an indication of
  whether your taxes have increased or decreased
  due to the tax reform, and owning a property,
  having children and multiple other factors, could
  affect how much you will owe in taxes at the end
  of the year. So, be as prepared as you can be for
  some degree of uncertainty surrounding your taxes
  for the next financial year, and that way you may
  not get too much of a shock if you end up having
  to pay more.

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• When can I seek help from tax professionals?
• You can seek the help and guidance of tax
  professionals at any stage of the tax process,
  and at any time of the year, but be aware that
  until the IRS release their new withholding
  tables and extra guidance on the ins and outs of
  the changes to tax laws, they may not be able to
  give you definitive answers to your specific
  queries. This should happen soon though, and you
  can always contact your local tax professional to
  see if they can help you now, or if not yet, when
  they may be able to.

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• Dont adjust your W-4 forms just yet
• Changing how much tax is extracted from your pay
  check on your W-4 form might be something that
  you are tempted to do, but its not advisable to
  do this until the IRS give definitive
  instructions, as they may continue to work with
  the existing forms for some time to come.
• Adjusting withholdings was primarily done to
  enable individuals to come as close to paying the
  correct taxes as was possible, instead of ending
  the year by owing money to the IRS or ending up
  with a huge refund, but this may not be so
  straightforward for the next tax year.

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• The best advice currently, is to keep everything
  as it is for the month of January at least, and
  wait to see what the IRS will issue as guidance.
• Most importantly, dont panic
• While nobody likes changes to laws that are
  already complex and often longwinded, they may
  well benefit you, so try not to panic until you
  can speak to your tax professional, and even if
  there are some changes that may not go in your
  favour, others may, so wait until you know more
  before you have a total tax meltdown!

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami, Heyer Associates
  would be a right option.