The new deadline is intended to help the IRS in spotting return errors and to make it easier to verify the legitimacy of returns.

"As tax season approaches, the IRS wants to be sure employers, especially smaller businesses, are aware of these new deadlines," said IRS Commissioner John Koskinen. "We are working with the payroll community and other partners to share this information widely."

While the new deadline will allow the IRS to release tax funds faster than before, it also warned that some will get them a little later, as the new law requires the IRS to hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. By law, the IRS must hold the entire refund, not just the portion related to the EITC or ACTC.