That means employees could start seeing the changes reflected in their paychecks next month, the IRS said. The IRS also plans to release a new tax withholding calculator on its website late next month to help individual taxpayers determine the correct amount of withholding. Nonpartisan tax experts project that the law will bring lower taxes for the great majority of Americans, though not all. Reduced tax rates don't necessarily mean a lower tax bill for 2018. That also means employees can't assume that the new, lower withholding rates will cover everything they owe Uncle Sam for this year.

Source: ABC News January 11, 2018 19:23 UTC