The wait is over. After months of speculation, the IRS has finally released the newest version of the Form W-4—the tax form that employees fill out to indicate how much federal income tax should be withheld from their paychecks.
The news comes two months after the signing of the historic Tax Cuts and Jobs Act. Given that law’s scope, payroll and tax professionals have speculated that the IRS would need to publish a revised version of the tax form and its accompanying withholding calculator. The calculator, which was also updated on Wednesday, can be used to determine how an individual should fill out the Form W-4 to avoid owing taxes at the end of the year.