On Friday, May 31, 2019, the IRS released a new proposed design of the IRS Form W-4 to be used starting in 2020. The goal is to make it easier for employees to calculate accurate withholdings under the 2017 Tax Cuts and Jobs Act. Employees who already have completed a Form W-4 will not be
Form W-4; withholding tables
A Quick Form W-4 Reminder for Employers: May 10, 2019 Deadline for Updates
By Suzanne G. Odom on
The Tax Cuts and Jobs Act (the “Tax Act”) significantly changed the federal income tax rules. Several of these changes impact income tax withholding, including changes to the tax rates and brackets, increasing the standard deduction, and eliminating personal exemptions.
Normally, employees must provide their employers with an updated Form W-4 within 10 days of…
DEDUCTIONS AND W-4S: EARLY 2018 RESPONSES TO TAX REFORM
By Raymond P. Turner on
Posted in Retirement plans, Tax law changes
The Tax Cuts and Jobs Act signed into law on December 22, 2017 is prompting some prudent early tax 2018 actions by both employers and employees related to employee benefits. Many employers are electing to make additional employer qualified plan contributions for the 2017 tax year when the employer’s tax rate may be higher and…