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  2020 - Form W-4 Updates 

As part of the 2017 Tax Cut and Jobs Act, the Internal Revenue Service has been announcing updates to Form W-4, otherwise known as the Employee's Withholding Certificate.  This form is used by employers to calculate the amount of federal taxes to withhold from an employee’s paycheck. 

The IRS is encouraging all taxpayers to review their federal tax withholding information and update if necessary. Employees should review their income and marital status, as well as review their estimated deductions and tax credits to determine if the new Form W-4 is required. The tax tables have been revised which may result in decreased withholdings.

Employees hired before 2020 who do not want to change their withholding do not need to complete a new Form W-4; however, anyone who does wish to adjust their withholding after January 1, 2020, MUST provide their employer with the new Form W-4. Any employee hired on or after January 1, 2020, is required to complete the new Form W-4.

Most states have not announced their plans for any changes to state Form W-4. Blystone & Bailey, CPAs, PC will continue to monitor and provide updates when federal and state Form W-4s are finalized.

 

Mt Pleasant
619 S Mission St
Mt Pleasant, MI 48858
Phone: (989) 772-4673
Fax: (989) 772-6371

Midland

2927 Manor Dr

Midland, MI 48640

Phone: (989) 832-7833

Fax: (989) 631-1509

​Canadian Lakes
10024 Buchanan Rd
Stanwood, MI 49346
Phone: (231) 972-7178

​Gaylord
711 W Main St
Gaylord, MI 49735
Phone: (989) 448-8336

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© 2020 by Blystone & Bailey CPAs, PC
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