Estimated Tax Considerations
The new 2018 withholding tables that were issued by the IRS earlier this year often result in a substantial reduction in federal withholding. Planning for this is a vital issue.
In advance of the due date for second quarter estimated tax payments, practitioners should consider warning clients about the potential need to adjust their withholding. In addition, clients that are making estimated tax payments may need to adjust the amounts to be paid, while clients who have not made estimated tax payments in the past may need to begin to make such payments during 2018.