Estimated reading time: 0 minutes, 47 seconds

IRS Shows New W-4 Design

Monday, Jun 03 2019
Tax
Written by 

The Internal Revenue Service has issued a draft of Form W-4  to be used in 2020. The revised form, which discards the concept of withholding allowances, is expected to be released in mid-to-late July to give employers and payroll processors the ability to update systems before the final version form is released in November.

The revised form implements changes made following the 2017 Tax Cuts and Jobs Act. The previous form was tied to the amount of the personal exemption, no longer a central feature of the tax code

“The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” IRS Commissioner Chuck Rettig, said in a prepared statement. “The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.”

The IRS is accepting comments on the initial draft and has released FAQs about the new design.

Read 6027 times
Rate this item
(4 votes)
More in this category: « Goodarzi: Intuit Did Not Hide Free File Liberty Tax Seeking New CEO »

Latest from The Progressive Accountant

Visit other PMG Sites:
Template Settings
Theme

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset