News & Analysis as of September 20, 2024

Income Taxes › W-4

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Update Your 2024 Tax Withholding to Avoid Year-End Surprises

Bowditch & Dewey on 2/22/2024

Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more

Implementing the New Forms W-4P and W-4R: One Year Later

Morgan Lewis - ML Benefits on 1/15/2024

Effective as of January 1, 2023, payors of qualified plan distributions have been required to use a redesigned IRS Form W-4P for payee withholding elections on periodic payments and a new Form W-4R for nonperiodic payments...more

Tax Tips for New College Graduates

Bowditch & Dewey on 6/22/2023

As new college graduates cross the stage to receive their diplomas, many will also be heading to their first full-time jobs. There are some tax tips new graduates can implement early on that will help with savings in the long...more

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Emery on 12/14/2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more

Update Your Tax Withholdings to Avoid Year-End Surprises

Bowditch & Dewey on 9/9/2022

During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Groom Law Group, Chartered on 1/6/2022

Update (January 4, 2022) The updated 2022 Forms W-4P and W-4R have been released...more

Update on Pending Withholding Forms W-4P and W-4R

Groom Law Group, Chartered on 11/16/2021

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P...more

Action Steps for Employers that Received Exempt W-4s in 2020

Kilpatrick on 2/24/2021

Employees falling on hard times during the 2020 pandemic may in some instances have sought to increase their net take home pay by filing a revised Form W-4 to claim more allowances than they were entitled to or claiming a...more

IRS Opens 2020 With New W-4 For Employers

Burr & Forman on 2/20/2020

With the implementation of the Tax Cuts and Jobs Act of 2017, it was only a matter of time before the IRS issued a new W-4 Employee Withholding Certificate form. Employers use the W-4 to determine how much pay to withhold...more

What the W-4 Is That? Answers To Your Questions About The New W-4

Amundsen Davis LLC on 1/9/2020

Following the 2017 Tax Cuts and Jobs Act, which made major changes affecting taxpayer withholding, the IRS announced it would be redesigning Form W-4. The new W-4 has officially been released, creating confusion and questions...more

Are You Using The New Form W-4?

Haynsworth Sinkler Boyd, P.A. on 1/6/2020

Effective January 1, 2020, employers should be using the revised Form W-4 in the new hire process. Employers may ask current employees to complete a new Form W-4 but the employer must advise the current employees that...more

Redesigned 2020 IRS Form W-4

Jackson Lewis P.C. on 1/6/2020

The IRS has substantially redesigned the Form W-4 to be used beginning in 2020. New employees first paid wages during 2020 must use the new redesigned Form W-4. In addition, employees who worked for an employer before...more

IRS Issues Revised Form W-4 for 2020

Davis Wright Tremaine LLP on 12/27/2019

The Internal Revenue Service (IRS) has released a revised Form W-4 for 2020. The IRS stated that the revised form is intended to simplify withholding and help employees make more accurate withholding decisions in the wake of...more

IRS Finalizes Redesigned Form W-4

Ogletree, Deakins, Nash, Smoak & Stewart,... on 12/11/2019

On December 5, 2019, the Internal Revenue Service (IRS) issued the final redesigned 2020 Form W-4, Employee’s Withholding Certificate, to incorporate changes pursuant to the Tax Cuts and Jobs Act of 2017. The new form is...more

Weekly IRS Roundup May 27 – May 31, 2019

McDermott Will & Emery on 6/3/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 27 – May 31, 2019. May 28, 2019: The IRS released Announcement 2019-05 listing recent...more

A Quick Form W-4 Reminder For Employers: May 10, 2019 Deadline For Updates

Jackson Lewis P.C. on 4/26/2019

The Tax Cuts and Jobs Act (the “Tax Act”) significantly changed the federal income tax rules. Several of these changes impact income tax withholding, including changes to the tax rates and brackets, increasing the standard...more

Dear Littler: Can Employees be Exempt from Income Tax?

Littler on 4/3/2019

Dear Littler: My company recently hired a new employee who is giving our human resources department some pushback on submitting his W-4. The HR manager says the employee mentioned something about not being subject to income...more

Impact of Tax Reform on Compensation Structures and Popular Fringe Benefits

McDermott Will & Emery on 5/11/2018

US tax reform is changing the game with respect to many of the popular benefits employers have traditionally provided to their employees. These new rules have produced a great deal of questions. However, while the Internal...more

Understanding Back-Up Tax Withholding

Burr & Forman on 3/14/2018

The IRS requires businesses to obtain a Form W-4 from each employee, and also a Form W-9 from contractors and others who may receive payments for services. If a business does not receive these forms, the business must deduct...more

Unfiled Tax Returns: What Do You Do? (Part 2)

Burr & Forman on 8/10/2017

The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more

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Income Taxes › W-4

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