It’s the beginning of the year, which means the start of a new tax season. The IRS has dramatically revised the W-4 form for 2020. The intended purpose is to reduce the complexity of the form, increase the transparency and accuracy of the withholding system.
- Complete forms in a step-by-step process versus the previous line-by-line format
- Adjustments are now on Amounts (completed in Steps 2, 3, & 4) and not Allowances.
- State forms will now need to be completed and submitted with the new 2020 W-4 form since states still calculate tax withholdings based on Allowances.
We can help you with these changes so that you can focus on your business, click the Contact tab above to have one of our HR consultants reach out to you to answer any question you have.