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Understanding the New 2020 Withholding Method Workflows

Venue

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

Description

Revised drafts of the 2020 Form W-4 and Publication 15-T were released in August for employers to begin testing and programming payroll systems. The withholding instructions in the second draft of Publication 15-T, Federal Income Tax Withholding Methods, are much different than in the first draft, and now would include five worksheets calculating withholding using the revised Form W-4 and older forms that remain on file. Employers will need to become familiar with changes to the new withholding methods in preparation for a regime that requires more than one system. The second draft 2020 Form W-4 was renamed “Employee’s Withholding Certificate,” but was not substantially altered from the first draft. This webinar focuses on how withholding methods are to be updated as the IRS phases out the use of withholding allowances.

This webinar will cover:

  • The layout of the new Form W-4
  • Withholding using 2020 Forms W-4 vs withholding using pre-2020 forms
  • Changes to percentage method and wage bracket methods of withholding
  • Comparisons to current withholding methods

Educational objectives:

  • Identify changes to Form W-4
  • Explain changes to withholding methods for 2020
  • Discuss how new methods remain compatible with older Forms W-4
  • Calculate withholding using the 2020 Form W-4 and older forms

Who would benefit most from attending this Bloomberg Tax webinar?

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

Presenters

Shilpa Shikarpuri
  • Senior Research Analyst
  • Bloomberg Tax & Accounting

Shilpa Shikarpuri, senior research analyst, is a payroll and accounting professional with more than 20 years’ experience in establishing and executing organizational policies, compensation processes & distribution. She completed her B.S. in Finance at George Mason University.

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.

Continuing Education

Credits:
1.0 General COA, 1.0 RCH
Level:
Any
Production Date:
09/18/2019