TAMPA, Fla. — As people rush to make the tax deadline Monday, the IRS is already working on next tax season.
And that could bring some very big changes as far as what filers pay into the IRS or what you get back.
The IRS is working on a proposed new W-4 form. That's the form that helps your employer determine how much federal tax to hold from your paycheck.
Traditionally, the more that is held, the more you get back.
The same holds true if you pay in less per pay check, you likely will owe money come tax time.
The proposed new W-4 seeks to eliminate that by better calculating your tax responsibility. Meaning what you pay in per pay check under the new form will better match your ultimate tax responsibility.
But accountants like Steve Ribble with Guardian Accounting Group in Tampa said the new form asks for almost as much information as you fill out when you do your actual taxes.
"They released a preliminary version last year and first glance at it it wasn't received very well because it looks overly complex," said Ribble. "It is referencing over 12 IRS publications and it almost looks like you are doing your taxes again from a complexity standpoint."
And some tax professionals say some tax payers could have privacy issues with the new forms.
Specifically as it relates to spousal income, and if they have second jobs. That's all information that would be filed with your employer. A new draft of the new W-4 is expected out in May.
There’s no word yet when or if that new form will be approved.