The Treasury Department and the IRS are working to incorporate changes into the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the W4 was similar to the 2018 version. The 2020 version is substantially different.
You can view the FAQ from the IRS on the 2020 Form W-4 HERE
QuikTax™ will be ready to help our clients fill out this new and more complex form when it is completed by the IRS.
Our understanding of the reason for such a complex redesign of this form is to keep more money in the pocket of the taxpayers on a weekly basis, and reduce the amount of refunds at tax time. It appears that, based on the draft, the form is mini version of a tax return. It appears to relatively complex, and complexity leads to errors. So we will make sure that we understand the requirements of the form and it’s complexities. As always we will be ready to help our clients.