The W-4 is changing! On December 5, 2019, the IRS released the long-awaited final version of the 2020 Form W-4, now retitled to Employee Withholding Certificate.
When the final version of the 2020 Form W-4 was released, the IRS emphasized the following points:
- All new employees hired as of January 1, 2020, must complete the new form.
- Current employees are not required to complete a new form but can choose to adjust their withholding based on the new form.
- Any adjustments made after January 1, 2020, must be made using the new form.
- Employers can still compute withholding based on information from employees’ most recently submitted Form W-4 if employees choose not to adjust their withholding using the revised form.
- Publication 15-T, Federal Income Tax Withholding Methods, is slated to be released in mid-December for use with the new 2020 W-4 Form and will include steps employers can take to determine federal withholding.
Please contact the Moore Colson team if you have any questions or need assistance.