IRS redesigned Form W-4 for 2021: What all you need for Compliance Requirement
PRESENTER(s): Margie Faulk, PHR, SHRM-CP
The Tax Cuts and Jobs Act (TCJA) brought with it many changes. For individuals, some of the changes included tax rates, personal and dependent exemptions and itemized deductions. Because of these changes, the IRS redesigned Form W-4 for determining employee’s federal income tax withholding. It’s time for employers to breathe a sigh of relief. After the massive overhaul of the 2020 W-4 form (its first big update in 30 years) there’s very little different about the 2021 W-4 form, aside from the dates.
The W-4 is still an important part of compliance landscape, completed whenever an employee starts a new job or modifies their withholding status. If last year’s changes passed you by, here’s a refresher course on the new Form W-4. Other employers are too familiar with the new IRS W-4 form. It can be difficult juggling 2019 and earlier Forms W-4 with 2020 and later forms. To combat this, the IRS released a new computational bridge for 2021.
Why You Should Attend:
- What is the computational bridge?
- What these changes mean for employers?
- What is the purpose of the redesign?
- Are withholding allowances gone?
- Which withholding table should you use?
- Do all employees need to fill out a new form?
This presentation will cover:
- How to explain the differences between the old W-4 form and modern form to employees wishing to make election changes
- How you should communicate the changes to new hires and current employees
- Employee data privacy concerns related to other sources of income.
- What the Tax Cuts and Jobs Act of 2017 includes and the impact to the 2021 W4
- Learn what the new W4 form looks like
- What expenses have now been removed
- How are Employees reacting to the changes
- Why the TCJA made the IRS regulations?
- What are the changes to the W4 form and when should it be used?
- How the Payroll Associations responded to the new changes?
- What Should Employers Understand and be compliant for tax purposes?
- What resource can be used to communicate changes appropriately?
Who will Benefit:
- Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- Accounting Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers
- Attorneys/Legal Professionals
- Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues