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So they are gonna go through with it?

GarnisheeGarnishee ✭✭
edited May 9 in General Payroll Topics

IRS announces it will release new W-4 form for 2020

https://www.wivb.com/news/national/irs-to-release-new-w-4-what-you-need-to-know/1992553969

I know the APA and others had given them advice on making the original better but I feel this is going to be a headache for most payroll professionals

rrupert

Comments

  • jadegurljadegurl ✭✭✭

    While I understand the logic of reform so neither side owes money this seems invasive to me.
    Why would I want my employer to know (or be able to calculate) the value of my house? Or know if I own stock/dividends? Would this information have any impact on what my pay rate would be? Hinder any future raises? Talk about a trainwreck! This is assuming everyone is honest. We have folks claiming 10 deductions now that we no longer have to forward them to the IRS.

  • I suspect that the employer will not see anything that they are not already seeing, that this will be a new worksheet for the employee only.

  • d26kd26k ✭✭✭

    The new fields are optional, and there appears to be a way to simply enter adjustment numbers without having to list extra income or expenses... Nope, I do not like change (other than change and complexity is what keeps this field in existence). If the employee uses no special fields, the new form will be ROUGHLY the same as what many do, single 1 or 2, or married 2 or 3 (f I remember correctly). It could result is tilting back more towards a smaller refund for the average person who does not manage their W4. For those who like to manage their W4, it gives a more accurate way to go, other than for those whose tax person wastes their time by giving a flat percentage (which still will not be an option!).

    Caveat, I have not seen the new form, I am going off the one proposed for this year, which is likely to be similar.

    rrupert
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