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The New Form W-4 and Employer Withholding: Simplicity Meets Complexity?

Venue

This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.

Description

July 1 is the deadline to submit comments on the proposed revisions included in the first draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate.

The form would eliminate reliance on withholding allowances as a part of the income tax withholding calculation, forcing those who are hired or who wish to modify their withholding in 2020 to follow a dramatically different process when submitting the form to employers. Employers will need to adjust their payroll systems to accommodate the new way of calculating withholding, and are concerned about being able to implement the changes timely as well as the higher systems costs and burden that come with the new application. This webinar aims to offer clarity on what the new draft form and additional withholding calculations mean and what comes next.

This webinar will cover:

  • Why IRS is completely revising Form W-4 for 2020
  • The 2018 attempt by IRS to modify the form
  • Key differences between the newest draft and the earlier draft form
  • Separate withholding calculation instructions for employers
  • Guidance for individuals navigating the new process
  • The future of the form and the rulemaking

Educational Objectives:

  • Explain how new withholding calculations no longer will include allowances
  • Identify the new approaches taxpayers will need to learn for 2020
  • Understand how the form’s information will be implemented by employers
  • Recognize that system changes could be challenging given the short implementation window
  • Discuss the options individuals will have in determining withheld amounts; avoiding penalties

Who would benefit most from attending this Bloomberg Tax webinar?

Payroll practitioners, payroll managers, human resources professionals and managers, tax accountants, tax attorneys

Presenters

Michael T. Baer
  • Managing Editor
  • Bloomberg Tax & Accounting

Michael Baer, the managing editor of Bloomberg Tax's Payroll publications, has been with Bloomberg BNA since 1990 and has spent his entire time there covering payroll and HR issues. In 1998, he received recognition as a Special Friend to the payroll community from the American Payroll Association. Prior to joining Bloomberg BNA, Mr. Baer gained experience in payroll and human resources with Marriott, and later was the personnel manager for the Shanghai Hilton.Mr.Baer became a Certified Payroll Professional in 1991. He earned his M.A. in International Affairs from the American University s School of International Service and his B.A. in Government and Politics from the University of Maryland.

Jazlyn Williams
  • Editor/Writer
  • Bloomberg Tax & Accounting

Jazlyn Williams, editor/writer, primarily covers unemployment insurance and workers' compensation developments for Bloomberg Tax's Payroll Library and Payroll Decision Support Network publications. She completed her B.A. in English at Duke University with a concentration in creative writing and a minor in Latino Studies.

Kenneth Savell
  • Senior Tax Law Analyst
  • Bloomberg Tax & Accounting

Ken Savell is a Senior Tax Law Analyst for Bloomberg Tax and Accounting in their US Income and IRS Practice Procedure Group and a practitioner with extensive experience, including individual income tax planning and compliance. He has a JD and LLM in Taxation from the University of Baltimore School of Law and an ERISA Certificate from the Georgetown University Law Center.

Continuing Education

Credits:
1.0 General COA, 1.0 RCH
Level:
Any
Production Date:
06/26/2019