IRS Overhauls Form W-4 for 2020 Employee Withholding

The Internal Revenue Service (IRS) has released the long-awaited final version of the2020 Form W-4, retitled Employee's Withholding Certificate, with major revisions designed to make accurate income-tax withholding easier for employees starting next calendar year. All new employees hired as of Jan. 1, 2020, must complete the new form. Current employees are not required to complete a new form, but can choose to adjust their withholding based on the new form. Any adjustments made after Jan. 1, 2020, must be made using the new form. Employers can still compute withholding based on information from employees' most recently submitted Form W-4 if employees choose not to adjust their withholding using the revised form.