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The Internal Revenue Service has issued a draft of Form W-4  to be used in 2020. The revised form, which discards the concept of withholding allowances, is expected to be released in mid-to-late July to give employers and payroll processors the ability to update systems before the final version form is released in November.

The revised form implements changes made following the 2017 Tax Cuts and Jobs Act. The previous form was tied to the amount of the personal exemption, no longer a central feature of the tax code

“The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” IRS Commissioner Chuck Rettig, said in a prepared statement. “The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.”

The IRS is accepting comments on the initial draft and has released FAQs about the new design.

Last modified on Monday, 03 June 2019
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