FOR IMMEDIATE RELEASE
January 15, 2018
Rev&Tax announces starting of tax-filing season
2018 INCOME TAX FILING SEASON
The Guam Department of Revenue & Taxation (DRT) will begin accepting 2017 Individual Income Tax returns by Monday, January 29, 2018. Electronic filing of the 2017 1040EZ will be available at a later date; DRT is waiting for new updates from the IRS. Once the e-filing is ready, DRT will make an announcement.
This year’s tax filing deadline is Tuesday, April 17, 2018.
EMPLOYER – WITHHOLDING GUIDANCE
DRT is reminding all employers to follow the IRS guidance regarding tax withholding for 2018. The latest news released by IRS can be found at https://www.irs.gov/newsroom/irs-statement-withholding-for-2018.
Highlights of the release are;
– IRS is working to develop withholding guidance,
– IRS anticipates issuing the initial withholding guidance in January, and
– Employers and payroll service providers will be encouraged to implement the changes in February.
IRS emphasizes this information will be designed to work with the existing forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.
– Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.
– In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.