The IRS is encouraging all tax professionals to become familiar with the new 2020 Form W-4, now available on IRS.gov.
The new form better incorporates the changes ushered in by the Tax Cuts and Jobs Act, allowing employees to more accurately estimate the amount of tax they ask their employers to withhold from their paychecks in 2020.
The form’s new design is intended to balance simplicity, accuracy and privacy for employees while minimizing the burden on employers and payroll processors.
Employees who provided their W-4s before 2020 are not required to fill out new ones, although employers may request that they do so.