The New Form W-4 and Employer Withholding: Simplicity Meets Complexity?
July 1 is the deadline to submit comments on the proposed revisions included in the first draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate.
The form would eliminate reliance on withholding allowances as a part of the income tax withholding calculation, forcing those who are hired or who wish to modify their withholding in 2020 to follow a dramatically different process when submitting the form to employers. Employers will need to adjust their payroll systems to accommodate the new way of calculating withholding, and are concerned about being able to implement the changes timely as well as the higher systems costs and burden that come with the new application. This webinar aims to offer clarity on what the new draft form and additional withholding calculations mean and what comes next.
This webinar will cover:
- Why IRS is completely revising Form W-4 for 2020
- The 2018 attempt by IRS to modify the form
- Key differences between the newest draft and the earlier draft form
- Separate withholding calculation instructions for employers
- Guidance for individuals navigating the new process
- The future of the form and the rulemaking
- Explain how new withholding calculations no longer will include allowances
- Identify the new approaches taxpayers will need to learn for 2020
- Understand how the form’s information will be implemented by employers
- Recognize that system changes could be challenging given the short implementation window
- Discuss the options individuals will have in determining withheld amounts; avoiding penalties
Who would benefit most from attending this Bloomberg Tax webinar?
Payroll practitioners, payroll managers, human resources professionals and managers, tax accountants, tax attorneys