With the new tax regulations going into effect just recently, the Internal Revenue Service (IRS) is still working on revising the W-4 form to reflect the major changes, such as the revised tax tables. Right now, the W-4 for 2018 can be found in early draft form, however this does not include any recent tax changes and should not be used or distributed.
In the meantime, the IRS is instructing employers to continue to use the 2017 W-4 for new hires. Once the new 2018 W-4 is released, employees will not need to complete the new form, unless they want to make changes to their personal withholding.
The new withholding guidance will be used to update employer payroll systems; therefore, employees who may be affected by the new tax regulations could see changes in their paychecks sometime in February.
The IRS has provided a Frequently Asked Questions webpage on the new tax regulations as it relates to employees.
Source: Maureen Siwula, HR Business Advisor, MRA – The Management Association