IRS Issues Draft Version of 2020 Form W-4

IRS Issues Draft Version of 2020 Form W-4 On May 31, the IRS issued an early release draft version of the 2020 Form W-4 (Employee’s Withholding Allowance Certificate) [IR-2019-98, 5/31/19]. Background. As a result of the enactment of the Tax Cuts and Jobs Act (TCJA) in late-December 2017, significant changes to Form W-4 were required. The IRS postponed a

IRS Provides 2020 Form W-4 Update

During the May 2 IRS payroll industry telephone conference call, Scott Mezistrano, IRS Industry Stakeholder Engagement and Strategy, provided an update for the 2020 version of Form W-4 (Employee’s Withholding Statement). As a result of the enactment of the Tax Cuts and Jobs Act (TCJA) in late-December 2017, significant changes to the Form W-4 must take

Proposed Overtime Rules Update

Proposed Overtime Rules Update The Department of Labor has received over 54,000 comments on proposed changes to the overtime rules. Currently the rules to qualify for the FLSA overtime exemption an employee must: (1) “employed in a bona fide executive, administrative, or professional (EAP) capacity,” (2) salaried; (3) paid more than the standard salary level

Social Security Administration Updates

2020 & Beyond SSA Wage Base Increase Estimates The SSA is anticipating a Wage Base Increase for 2020 estimated from $132,900 to $136,800. Below are the SSA projections to the Wage Base through 2028: 2019 — $132,900 2020— $136,800 2021 — $142,200 2022 — $149,100 2023 — $155,700 2024 — $162,300 2025 — $168,900 2026 — $175,800 2027 — $183,300 2028 —