IRS says this week is Paycheck Checkup week and who argues with them?
Strike while the iron is hot. The IRS is declaring this week—as most taxpayers have finished their 2017 taxes and before the April 17 tax deadline—Paycheck Checkup Week.
This week the IRS is hoping to show employees how a paycheck checkup can help them prevent having too much or too little tax withheld from their paychecks. These steps can help employees avoid advancing the government interest-free loans until next year’s tax refunds or unexpected tax bills and potential penalties at tax time in 2019.
Paycheck Checkup week consists of a multimedia push, including:
- Tax reform tax tips
- Special news releases this week and in the weeks ahead
- YouTube videos on paycheck checkup, tips on using the withholding calculator and whether employees should refile their W-4s with you
- Social media efforts about #PaycheckCheckup, including an IRS Thunderclap.
March 29 Thunderclap
The IRS is inviting you to join it on Twitter at @IRSnews to support its Thunderclap campaign. Never heard of Thunderclap? Thunderclap is a social media platform that will automatically post a message to participants’ Facebook, Twitter or Tumblr accounts.
To sign up for the Paycheck Checkup Thunderclap:
- Follow this link to thunderclap
- Select Support with: Facebook | Twitter | Tumbler. Choose one and then repeat the process to select more platforms or a second account
- Authorize Thunderclap to post this one-time message by clicking the “Add My Support” tab and following the prompts to input username and passwords.
On Thursday, March 29, at 2:00 p.m. EST, Thunderclap will automatically post this message: “IRS urges you to perform a Paycheck Checkup today to make sure your tax withholding is right for you http: //thndr.me/TRRWef” to all participating social media accounts. The link goes directly to the IRS’ withholding calculator.
No social media information, no problem
It’s understandable if you’re turning a skeptical eye toward social media these days. If you don’t want to participate in Thunderclap, you can still get the word out to employees with an email or memo reminding them to use the IRS’ withholding calculator to check their withholding. Here’s some suggested language:
Your net pay has increased due to changes in the personal income tax rates, which became effective Jan. 1. As a result, the Form W-4, which we have on file for you, may no longer reflect your tax liability.
All employees are encouraged to use the IRS’ withholding calculator or talk to their tax professionals to determine the proper level of withholding for the remainder of the year. If necessary, you can refile your W-4 with us to adjust your withholding or pay quarterly estimated taxes. However, we cannot withhold your estimated tax payments; you must complete Form 1040-ES and pay the IRS directly.