Follow Up regarding Changes to IRS Form W-4 for Calendar Year 2020
As a follow up to the previous communication on December 23, 2019, Corporate Payroll Services would like to share some additional information related to the New IRS Form W-4.
The IRS has released a new Tax Withholding Estimator for individuals to estimate their tax withholdings for 2020. The new tool is included in the following link: https://www.irs.gov/individuals/tax-withholding-estimator Also, the Frequently Asked Questions posted on the IRS website are a good resource for individuals as well.
We will continue to share communications based upon the schedule included below.
January 13, 2020 – Managing@Duke University
January 15, 2020 – Email notification to all employees
January 17, 2020 – Pay statement notification to nonexempt employees
January 24, 2020 - Pay statement notification to exempt employees
a reminder, the new Form W-4 will need to be completed only by those employees hired in 2020 or those who plan to make withholding changes. Otherwise, tax withholdings will continue to be based upon the information from the employee’s federal W-4 record on file in the Payroll system. Individuals seeking to update their tax withholdings are encouraged to discuss with a tax advisor.
We appreciate your partnership and support with this regulatory change.