Representatives attended the National Public Liaison meeting and were updated on the much-anticipated Form W-4 redesign. Victor Aledo, Acting Director, Tax Forms & Publications, Wage & Investment, shared the planned timeline for the rollout of the updated form. “Our goal is to give something taxpayers can relate to and understand,” said Aledo.
The draft will be available for review in May and open for feedback from tax professionals, industry partners and other impacted parties. In mid- to late July, an early release will be provided with the assumption that further changes won’t occur. This will allow time for the payroll industry to update systems and the public to train staff. The final version will be available for use in November for tax year 2020 following any inflationary adjustments.
The current 2019 version of the Form W-4 is similar to last year’s 2018 version.