News Release, US Department of the Treasury
Washington – Delivering on the promise to simplify taxes for the American people, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released a draft Form W-4 that would be used starting in 2020. The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system.
The redesign was the culmination of Treasury and the IRS’s extensive outreach efforts throughout the year from employers, payroll providers and members of the tax community. Several changes were made to the form based on feedback from these stakeholders with the goal of developing a form that provides taxpayers with a more flexible and transparent withholding system.
“Among the many benefits of the historic Tax Cuts and Jobs Act, was a simpler and fairer tax code. The proposed Form W-4 provides taxpayers with a more accurate and transparent withholding system that places less burden on employees,” said Secretary Steven T. Mnuchin. “I am proud of our dedicated teams at Treasury and the IRS who worked for more than a year to develop and refine this redesign that reduces the complexity of the tax filing experience for hardworking Americans.”
The re-designed Form W-4 uses a building block approach that replaces complicated worksheets with straightforward questions that make it easier for employees to determine a more accurate withholding. While it uses the same underlying information as the old design, the new form uses a more personalized, step-by-step approach to better accommodate individual taxpayer needs.
Employees who have submitted a Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.
Treasury and the IRS will work with the tax community over the summer to finalize the improved Form W-4 in time for Americans to use the form in 2020.
The Southern Maryland Chronicle is a local, small business entrusted to provide factual, unbiased reporting to the Southern Maryland Community. While we look to local businesses for advertising, we hope to keep that cost as low as possible in order to attract even the smallest of local businesses and help them get out to the public. We must also be able to pay employees(part-time and full-time), along with equipment, and website related things. We never want to make the Chronicle a “pay-wall” style news site.
To that end, we are looking to the community to offer donations. Whether it’s a one-time donation or you set up a reoccurring monthly donation. It is all appreciated. All donations at this time will be going to furthering the Chronicle through hiring individuals that have the same goals of providing fair, and unbiased news to the community. For now, donations will be going to a business PayPal account I have set-up for the Southern Maryland Chronicle, KDC Designs. All business transactions currently occur within this PayPal account. If you have any questions regarding this you can email me at email@example.com
Thank you for all of your support and I hope to continue bringing Southern Maryland the best news possible for a very long time. — David M. Higgins II