IRS Issues a New Form W-4
There was much discussion about a completely new Form W-4 in the wake of the tax reform passed at the end of 2017. But after much discussion, the IRS has issued a form that is virtually identical to the 2018 version.
This should not be a surprise to those keeping an eye on IRS announcements. As the IRS said in a statement in September 2018: “Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the Form W-4 will be similar to the current 2018 version.”
Indeed, it is. In fact, the IRS posted the new form without even making an announcement. The new form and its instructions are virtually identical to the 2018 version. The most significant changes seem to be the numbers used in the worksheet, which reflect legislative and regulatory changes made earlier in 2018. Many of these numbers are typically adjusted each year anyway, even when there are no major legislative changes.
If the IRS issues additional guidance regarding Form W-4, it will be posted on the IRS Form W-4 page. As always, to learn more about new laws and to stay up to date on current issues, check out our blog, here!