IRS Finalizes 2020 W-4

IRS Finalizes 2020 W-4

The IRS has issued the final 2020 Form W-4, effective January 1, 2020. The form was revamped to provide more transparency and accuracy for withholding.

With the release of the finalized Form 2020 W-4, all new employees must complete the 2020 Form W-4. Current employees only need to complete the new form if they are making changes to their withholding.

The IRS also set up the Tax Withholding Estimator to serve as a “paycheck checkup” tool to help ensure the correct amount is being withheld from employee wages. You can find the Tax Withholding Estimator tool at https://www.irs.gov/individuals/tax-withholding-estimator.

For further information, refer to the finalized Form W-4 (2020) by clicking here.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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