A Government Accountability Office report released on July 31 included a Treasury Department recommendation for a $4,150 withholding allowance, which would “result in a slightly lower proportion of overwithheld taxpayers and a slightly higher proportion of underwithheld taxpayers under the Tax Cuts and Jobs Act than would have been the case under prior law.”
You may read the GAO report by clicking here.
Councilor, Buchanan & Mitchell (CBM) is working with clients and other individuals to help them determine their withholding amounts and better understand how they may be over- or under withheld. Feel free to share your contact information on this page (scroll to the bottom to fill out the form) and someone from our firm will be in touch with you soon.
Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.