Tax Cuts and Jobs Act
As you know, the Tax Cuts and Jobs Act (TCJA) made many changes to the federal income tax law. Personal income tax rates are now lower. Personal exemptions have been eliminated. The standard deduction has nearly doubled. The law also affected state payroll taxes in several ways. Many states are currently addressing TCJA changes in their budgets. So far, states that revised their withholding tables in response to the TCJA include Colorado, Idaho, Louisiana, Missouri, North Dakota, Oregon and Utah. Contact us if you have questions about these changes.