IR-2019-98, IRS, Treasury unveil proposed W-4 design for 2020
Internal Revenue Service (IRS) sent this bulletin at 05/31/2019 12:12 PM EDT IRS Newswire IR-2019-98, May 31, 2019 The revised form implements changes made following the 2017 Tax Cuts and Jobs Act, which made major revisions affecting taxpayer withholding. The redesigned Form W-4 no longer uses the concept of withholding allowances, which was previously tied to the amount of the personal exemption. Due to changes in the law, personal exemptions are currently not a central feature of the tax code “The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” said IRS Commissioner Chuck Rettig. “The primary goals of the new design are to provide simplicity, accuracy and…
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