The Treasury Department and the IRS are working to incorporate changes into the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The current 2019 version of the Form W-4 is similar to last year’s 2018 version.
QuikTax™ will be ready to help our clients fill out this new and more complex form when it is completed by the IRS.
Our current 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.