If you were sitting on the edge of your seat in anticipation for the expected revisions of the Form W-4—Employee’s Withholding Allowance Certificate—by the Treasury Department to happen anytime soon, then you’re in for a little disappointment. The IRS has announced that you will now have to wait until 2020 for these updates.
IRS Postpones Major Form W4 Revisions until 2020
In the meantime, A new 2019 version of the Form W-4 will be available in the coming weeks. It will be similar to the 2018 version.
The reasoning behind this announcement is because of the slight confusion on reflecting the appropriate changes needed due to the Tax Cuts and Jobs Act passed by Congress in December 2017.
For the current year, the IRS strongly urges taxpayers to review their tax withholding situation as soon as possible. This will help identify if they are withholding too much or too little from their paychecks. You can use the IRS Withholding Calculator to perform a “paycheck checkup”.
Clients and end users of InfinityHR can reach out to their relationship manager to see how this update impacts them.
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