Overview

On May 31, 2019, the Internal Revenue Service (IRS) released a draft of the 2020 W-4 form and on December 5, 2019, released the final 2020 Form W-4, Employee’s Withholding Certificate that radically changes the way employee paychecks are calculated. Before changes, the Form W-4 was a critical form that all companies have to obtain from employees and has had special processing requirements. The form includes major revisions, including several new input elements for federal income tax withholding calculations, which will require significant reprogramming of payroll systems.