New Federal Form W-4
Due to the Tax Cuts and Jobs Act of 2017, the Internal Revenue Service (IRS) recently released a new version of the Federal Form W-4 (Employee Withholding Certificate) for 2020. The revised Form W-4 has many changes from previous years. The form no longer uses the concept of withholding allowances, but requests other information that can be used to calculate the withholding amount.
Employees will not be required to complete a new form. However, employees hired in 2020, or who previously completed a 2019 or earlier form and want to make a change in 2020, must use the revised form. Employees are encouraged to review the latest draft form and instructions to familiarize themselves with upcoming changes.
It is recommended that employees perform a "paycheck checkup" to see if adjustments are needed to current withholdings. The IRS Tax Withholding Estimator can be used to perform this checkup. Please visit the IRS 2020 W-4 Frequently Asked Questions for additional information.
Due to the Tax Cuts and Jobs Act of 2017, the Internal Revenue Service (IRS) recently released a new version of the Federal Form W-4 (Employee Withholding Certificate) for 2020. The revised Form W-4 has many changes from previous years. The form no longer uses the concept of withholding allowances, but requests other information that can be used to calculate the withholding amount.
Employees will not be required to complete a new form. However, employees hired in 2020, or who previously completed a 2019 or earlier form and want to make a change in 2020, must use the revised form. Employees are encouraged to review the latest draft form and instructions to familiarize themselves with upcoming changes.
It is recommended that employees perform a "paycheck checkup" to see if adjustments are needed to current withholdings. The IRS Tax Withholding Estimator can be used to perform this checkup. Please visit the IRS 2020 W-4 Frequently Asked Questions for additional information.