In May the IRS released a draft Form W-4, which is expected to go into effect in 2020. The draft form has some major revisions to not only the layout, but the information collected. The object of the new form is to increase the accuracy of income-tax withholdings for employees.
The changes to the form are in reaction to the Tax Cuts and Jobs Act, which took effect last year. The revised form eliminates the use of withholding allowances and replaces complicated worksheets with more straightforward questions. To see the draft form as well as the sample instructions click here https://www.irs.gov/pub/irs-dft/fw4–dft.pdf.
The IRS has stated that employees who have submitted Form W-4 in any year before 2020 will not need to submit a new form because of the redesign. However, if a current employee wishes to adjust their W-4 information after the new form has taken affect, they will need to complete the redesigned form.
The IRS is asking for the public comment on the form. The comment period is open until July 1st and you can submit your comments directly to the IRS via email at WI.W4.Comments@IRS.gov.
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