{"id":7523,"date":"2019-12-16T10:37:12","date_gmt":"2019-12-16T15:37:12","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=7523"},"modified":"2021-03-27T16:08:11","modified_gmt":"2021-03-27T20:08:11","slug":"new-form-w-4","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/new-form-w-4\/","title":{"rendered":"What to Know About the New Form W-4"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7524\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/income-tax-4097292_1920.jpg\" alt=\"new form w-4\" width=\"1024\" height=\"683\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/income-tax-4097292_1920.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/income-tax-4097292_1920-980x654.jpg 980w, https:\/\/gtm.com\/business\/wp-content\/uploads\/income-tax-4097292_1920-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/>On Dec. 5, 2019, the Internal Revenue Service released an updated version of its <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">new Form W-4<\/a>, also known as the \u201c<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Employee\u2019s Withholding Certificate<\/a>.\u201d<\/p>\n<p>Employers use IRS Form W-4 to determine each employee\u2019s federal tax withholdings. The new form is intended to harmonize tax withholding declarations with the <a href=\"https:\/\/www.irs.gov\/newsroom\/individuals\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Cuts and Jobs Act<\/a>, which affected individuals for the first time during the last tax filing season.<\/p>\n<p>Employees may complete a new W-4 each year or each time they experience a change in their personal financial situation. However, the new form does not invalidate prior versions, and employers are not expected to replace W-4 forms from previous years with the 2020 version.<\/p>\n<p>Highlights of the new form include:<\/p>\n<ul>\n<li>The new form will prompt employees to declare whether they have multiple sources of income (two jobs, two-earner households).<\/li>\n<li><em>New<\/em> employees who fail to submit a Form W-4 after 2019 will be treated as a single filer with no other adjustments.<\/li>\n<li>The new form uses a five-step process. Only the first and fifth steps are mandatory.<\/li>\n<\/ul>\n<p>Employers should become familiar with the updates to IRS Form W-4 and make it available for all new hires and employees who wish to amend their withholding declarations in 2020.<\/p>\n<p>Please note that employers are not required to update W-4 forms that were completed and filed on or before 2019. <em>\u00a0<\/em><\/p>\n<p>Stay up to date with all tax and labor law changes. Check out <a href=\"https:\/\/gtm.com\/business\/what-we-offer\/hr\/\">GTM&#8217;s HR services<\/a> to ensure your business is compliant, then <a href=\"https:\/\/gtm.com\/business\/get-a-quote\/\">request a free quote<\/a> to see all the ways GTM helps your business grow.<\/p>\n<p>&nbsp;<\/p>\n<p><em>\u00a9 2019 Zywave, Inc. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employees must begin using the new Form W-4 to declare their payroll tax withholdings.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[79,26,23],"post_folder":[],"class_list":["post-7523","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-compliance","tag-irs","tag-taxes"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/7523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=7523"}],"version-history":[{"count":3,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/7523\/revisions"}],"predecessor-version":[{"id":7527,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/7523\/revisions\/7527"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=7523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=7523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=7523"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=7523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}