What employers need to know…

Background

  • The IRS released a proposed draft of the new Form W-4 on May 31
  • The new Form W-4 is intended to be aligned with the Tax Cuts and Jobs Act of 2017 (TCJA)
  • Under the TCJA, exemptions have been suspended
  • The IRS anticipates there will be changes to the draft form prior to its release for use in 2020

Visit the Internal Revenue Services (IRS) website for more details:

https://www.irs.gov/newsroom/irs-statement-on-form-w-4

https://www.irs.gov/pub/irs-dft/fw4–dft.pdf

Blog by: Bessy Molina-Sanchez