My HR team is asking me about the revised W-4 form that will be required for 2020. This will be mandated at the Federal Level. I have not heard of any plans to update the On-Boarding forms but obviously this will be required. Please advise?
Vaughn Naber
| Company | Dynamic Systems Inc |
| Job Title / Role | VISTA Support Specialist |
| I need it... | 3 months |
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Notes from my HR Director:
The new W-4: How to comply with radical withholding changes
The IRS promised the first draft of the 2020 W-4 by the end of May and it kept its word. But look high and low on the draft and you will not see any line for employees to indicate their withholding allowances. Why: The Tax Cuts and Jobs Act suspended personal exemptions through 2025.
That's bad news for you, since payroll systems are currently built based on the number of withholding allowances employees claim.
Another change that will necessitate a payroll software upgrade: the addition of head of household status on Line 1c. Head of household status has been around for a long time on 1040s, but never on W-4s.
This is probably a pretty good indication that the IRS will revamp the withholding tables to accommodate a third status.
What's missing
The critical piece of information—instructions for employers—wasn't released with the draft form, although the IRS intends to release instructions for employers in new Pub. 15-T. A link to this new pub appears on the cover page to the draft form, but no draft pub is available.
Also missing from this draft is a directive that employees provide you with information about their other sources of income. That raised all sorts of privacy issues last year. On this draft, doing so is voluntary.
Upshot: Employees don't have to disclose to you any more information than they traditionally have had to disclose. Employees, of course, are encouraged to use the IRS' withholding calculator to determine how much more should be withheld from their pay. If employees want to account for other sources of income, they can complete Line 4c.
If your withholding process was on "autopilot" before, you must take back control this fall. And even if you farm out payroll to a third party, the IRS will always hold YOU responsible for any mistakes – so it's your job to guarantee compliance.
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We just want to make sure that we get this in advance?
I assume that this will be added to the On Boarding forms automatically since the W-4 form is currently controlled by Keystyle/VISTA, but I need to verify?
This may change the HR and PR forms significantly also? I am not sure if we should or need to keep the old deduction information when this changes? Any insights would be appreciated?