Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Mortgage

Lower taxes and bigger paychecks for most Americans come February

Employers have until Feb. 15 to implement new withholding structure

Americans will soon see bigger checks on payday as the Internal Revenue Service releases updated 2018 federal income tax withholding tables, reflecting the changes that come after the Trump administration signed its Tax Cuts and Jobs Act into law.

Employers are instructed that they should implement the 2018 withholding tables as soon as possible, but no later than February 15.

In a statement, the IRS said that many employees will begin to see increases in their paychecks to reflect the new law in February. The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid — generally weekly, biweekly or monthly.

“The IRS appreciates the help from the payroll community working with us on these important changes,” said Acting IRS Commissioner David Kautter. “Payroll withholding can be complicated, and the needs of taxpayers vary based on their personal financial situation. In the weeks ahead, the IRS will be providing more information to help people understand and review these changes."

But Americans need to keep a watchful eye on their pay stubs, according to Trump administration officials, as reported by the Washington Post's Damian Paletta. Paletta reports that millions of Americans will need to use a new online calculator from the IRS to double check their paychecks for accuracy when the tool is released ‘sometime next month.’

From the article:

A senior IRS official said Thursday that Americans with simple tax situations are likely to get accurate paychecks next month. But many Americans, including those who tend to itemize their tax returns, will need to use the online tool to ensure they are not dramatically overpaying or underpaying their taxes. The online calculator will not be available until sometime next month.

If they find their paychecks are inaccurate, it will be incumbent on the employees to tell their employers to make corrections.

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please