What to Know About the New W-4 Form Heading Into Tax Season

One of the most recent implications of the Tax Cuts and Jobs Act is the complete overhaul of the W-4 form. With tax season upon us, it’s a good idea for business owners to examine some of the ways in which this familiar document has changed. The important changes in effect for the 2020 tax season include:The name of the form has been modified. Where previously it was known as the Employee’s Withholding Allowance Certificate, it’s now simply called the Employee’s Withholding Certificate.Where the form previously required different worksheets to determine a withholding allowance, the new version offers a streamlined four-step process:Input