The IRS released a revision of Publication 1494, which provides tables for calculating income exempt from a tax levy. A previous version released in January was adjusted only for inflation while the revision released this month accounts for the suspension of personal exemptions under tax reform until 2025. The new exemption amounts are effective immediately and include significant changes to exempt amounts. Employers should use the revised table with Form 668-W to determine the amount of an employee’s income subject to the levy. The IRS is still considering whether employees will have to file new status statements.
For more information, see Publication 1494 on the IRS website or contact your account representative at 888-556-0123.