S05E06 - HR Rescue: IRS Debuts the 2020 Form W-4

The IRS released the completely redesigned calendar year 2020 Form W-4 on December 4, 2019. The form was overhauled to comply with the 2017 federal tax reform law, which suspends personal exemptions and withholding allowances through 2025.   Employers use Form W-4 to calculate each employee's income tax withholding. On prior versions of the form an employee's income tax withholding was determined by the number of withholding allowances the employee indicated on the form and the employee's tax status - single, married filing jointly or married but withholding at the higher single rate. Beginning in 2020, an employee's income tax withholding is determined based on the employee's tax status and adjustments (allowances have been eliminated). The 2020 form also contains a new tax status: Head of Household. Thank you for watching listening to this podcast. We will continue to keep you updated on the changing landscape of Human Resources and address any topic area you wish to learn more about regarding HR and HR Compliance. Please leave a comment below as we value your feedback or if you have an HR question ask and we just might make your question our next podcast! Follow HR Shield Online Here: YouTube: http://youtube.com/TheHRShield Instagram: http://instagram.com/HRShield Facebook: http://facebook.com/HRShield Twitter: http://twitter.com/HR_Shield Podcast: http://hrrescue.libsyn.com Website: http://HR-Shield.com Enable our Alexa Skill!!! About HR Shield Do you own a small business? Are you considering starting a business? Does hiring an HR professional not fit your budget and current cash flow? Whether you are a newly certified HR professional, business owner, office manager, student or a general curious person HR Shield are certified HR specialists that provide quick, accurate and simple answers to common HR and business questions. Our mission at HR Shield is to impact those small and midsize companies that don’t yet understand the value or can’t yet afford to hire a full-time certified HR professional. Our goal is to educate the small business owner and help them understand the importance and impact an HR professional can have on their company and one day hire a full time certified professional. In addition to working with the small to mid-size business owner we provide a full white label HR portal and HR hotline for payroll companies, PEOs and staffing companies and support their small business owner clients.