Your W-2 Form (Wage and Tax Statement) for filing is now available online through your Greenshades employee account. If you have not yet enabled receiving forms electronically, click on Account Settings in the upper-right corner and select the Notifications tab. From this tab, you can set your preference to electronic delivery.
If you do not access your W-2 electronically, you will be issued a paper copy by January 31, 2018. If you have any questions, please email FSBPHelp@albemarle.org.
Recent Tax Law Changes
As many of you are aware, the recent tax reform bill, called the Tax Cuts and Jobs Act (TCJA), was signed into law. You may be wondering how this new bill will affect you and if you need to change your Federal withholdings. The IRS has issued the following statement:
The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The 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.
What does this mean for the employees? You won’t see any change to your January net pay, unless you voluntarily change your withholdings, but we anticipate that the tax changes will be implemented by February.
Reminder to those employees who choose to file as Exempt from federal tax withholding: Your exemption for 2017 expires February 15, 2018. You will need to submit a new 2018 W-4 form when they become available.