So what should taxpayers do right now to make sure they're paying the right amount in taxes?
Mike Savage is a CPA and CEO of 1-800Accountant. One of the premier virtual accounting firms in the US, 1-800Accountant is trusted by over 200,000 taxpayers across the country. Mike's expertise has been featured in CNBC, Reuters, NPR's Marketplace, US News and World Report, Consumer Reports, Business Insider, and many other prominent publications on helping Americans prepare their taxes.
Mike's Thoughts:
- If the client follows the recommendation of the IRS and performs a paycheck checkup or consults with a tax professional to help complete the form, this will go a long way towards avoiding the year-end conversation, informing the client with bad news. (having a larger tax bill than expected).
- The form can help to educate the taxpayer making the withholding process more transparent and thus making our jobs easier.
- Many taxpayers will require the assistance of accountants to complete and all individuals who are employees will be affected by the new form. The final version should be released in November for use in 2020.
- The IRS says this will make withholding easier for employees, but that remains to be seen.
- The IRS is encouraging people to do a paycheck checkup ASAP to see if the correct amount of tax is being withheld. People who had too much or too little tax withheld from their paychecks and people who underwent major life changes should also check their withholding.
About Mike Savage:
WATCH MICHAEL SAVAGE ON BOLD BUSINESS
Mike Savage is the founder, owner, and CEO of 1-800Accountant, a virtual accounting firm that is redefining small business services through technology. Mike is a 2018 recipient of the Glassdoor Top CEOs award. A savvy finance expert with more than 20 years in accounting experience, Mike’s proficiency in tax law is unsurpassed. He spent several years as a Certified Public Accountant at PricewaterhouseCoopers, where he worked on high profile audits in that firm’s fraud division. Along the way, Mike recognized that small ventures can benefit from the same tax services that big enterprises receive. Eventually, 1-800Accountant was born. Mike has become an industry leader, by eliminating bookkeeping and tax preparation anxiety for small business owners.
WATCH MICHAEL SAVAGE ON BOLD BUSINESS
Mike Savage is the founder, owner, and CEO of 1-800Accountant, a virtual accounting firm that is redefining small business services through technology. Mike is a 2018 recipient of the Glassdoor Top CEOs award. A savvy finance expert with more than 20 years in accounting experience, Mike’s proficiency in tax law is unsurpassed. He spent several years as a Certified Public Accountant at PricewaterhouseCoopers, where he worked on high profile audits in that firm’s fraud division. Along the way, Mike recognized that small ventures can benefit from the same tax services that big enterprises receive. Eventually, 1-800Accountant was born. Mike has become an industry leader, by eliminating bookkeeping and tax preparation anxiety for small business owners.
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