The Internal Revenue Service has made substantial changes to the tax code that will impact the 2020 payroll tax year. The IRS has released a new W-4 form as a result of these changes. For more detailed information please see the IRS FAQs regarding the new W-4 form.
As you prepare for the next payroll tax year be aware of some important changes:
- Any new employee starting January 1, 2020 or later must use the new W-4 Employee Withholding Certificate form.
- Effective January 1, 2020 any employee that needs to make changes to their withholdings must use the new W-4 Employee Withholding Certificate form.