When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, sweeping changes to Form W-4 became a matter of “when,” not “if.” Those changes—arguably the biggest since the form debuted in 1943—are finally materializing for the 2020 tax year, after a one-year implementation delay prompted by feedback from payroll and tax communities

Each year, the Internal Revenue Service issues a new W-4, and each year, many people don’t bother to fill it out. 

This happens despite the fact that there are significant things that can occur in any given year that might influence how you fill out a W-4. Reviewing Form W-4 annually is an excellent habit for just about anyone, even if it’s not a federal requirement. 

In this post, we’ll provide a quick overview of the 2021 W-4 for both employers and employees. We’ll show you exactly how to fill out the W-4, and we’ll walk you through the IRS withholding estimator. All of this knowledge can help anyone complete the form with the best information possible based on their situation.

Why should anyone care about filling out a  W-4? Well, the form was re-designed in 2020 to make withholdings more accurate, and while there isn’t a big difference between the 2020 and the 2021 form, it’s important to stay current. 

Taxpayers who fill out the 2021 form are less likely to wind up with a large tax bill or a giant refund when they file tax returns in 2022—money that could have been invested or spent on essential expenses throughout the year.

If that isn’t reason enough to revisit Form W-4, with the passage of the Tax Cuts & Jobs Act (TCJA) in 2017, major changes to employee withholding came to pass. Those changes affected many taxpayers in many ways—and they’re still taking place. 

Learning Objectives:

• Learn how the new W4 will impact employees
• Learn the most effective way to communicate the completion of the W4 without the perception of providing legal or tax advise
• Learn what needs to be submitted on the deadline dates

Session Highlights:

• 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 Should Attend?

• All Employers
• Business Owners
• Company Leadership
• Small business owners
• Compliance professionals
• Payroll Administrators
• HR Professionals
• Compliance Professionals
• Managers/Supervisors
• Employers in all industries