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Changes to Form W-4 Coming in 2020

The Form W-4, the Employee’s Withholding Allowance Certificate, determines the amount of Federal Income Taxes to be withheld from an employee’s paycheck. The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick paycheck checkup to protect against having too little tax withheld and facing an unexpected tax bill.

After being delayed a year, following the enactment of the Tax Cut and Jobs Act (TCJA), the changes to Form W-4 are going into effect for the 2020 tax year. Employees and employers should be aware of these changes so they can be prepared.

Read this NetSuite blog post for highlights on the changes, and contact the GYF ERP Solutions Group to learn how the NetSuite ERP solutions can help you streamline your payroll processes.

Related Posts:

IRS Announces Automatic Waiver of Estimated Tax Penalty for Eligible 2018 Filers

IRS Postpones Changes to Form W-4

Internal Revenue Service Releases Draft of Next Year’s Form W-4

IRS Announces Help in Properly Determining Federal Income Tax Withholding Under the TCJA

Additional Payroll and Withholding Guidance Issued by IRS

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Angie McCoy

Angie, who has over 20 years of professional experience, is a Senior Manager in the GYF ERP Solutions Group. Her ability to interpret a wide range of complex business processes, along with her extensive knowledge of ERP/Financials is the winning combination needed to provide exceptional insight into improving clients’ business processes and software-driven workflow requirements.
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