The final redesigned 2020 Form W-4 was released by the Internal Revenue Service (IRS) on December 5. Two of the biggest changes to the form are:
Beginning in 2020, new hires and current employees wishing to make changes to their withholding will need to use the new form. Existing employees who do not wish to make any changes to their withholding do not need to fill out a new Form W-4.
The IRS posted a FAQ on the proposed 2020 W-4 and some additional guidance in August and is expected to release the final Publication 15-T, Federal Income Tax Withholding Methods, soon.
ThinkHR customers can watch a free webinar on 2019 state and federal wage and hour regulation changes. Even more payroll tax and withholding information is available in Comply.