The Internal Revenue Service has made major revisions and issued a new W-4 employee tax withholding form for 2020.
The main points about the form to remember are:
- All new hires as of January 1, 2020 must use the new form.
- Current employees are not required to complete a new form but can choose to adjust their withholding on the new form.
- Any adjustments made after January 1, 2020 must be recorded on 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.
The new form is designed to make accurate income-tax withholding easier for employees.
