Oct. 15, 2019
As you may already be aware, the Internal Revenue Service (“IRS”) has issued a draft of a new Form W-4 that, if finalized, will go into effect Jan. 1, 2020. The revisions stem from the Tax Cut and Jobs Act of 2017 and are aimed at reducing the form’s complexity and increasing the transparency and accuracy of the withholding system. The new Form eliminates allowances based on exemptions and instead asks employees to input dollar amounts for items such as non-wage income, expected income tax credits as well as itemized or other deductions. Employees who elect not to submit a new Form W-4 will be taxed based on their most recently submitted W-4.
Cast & Crew is keeping track of the latest developments from the IRS and is in the process of implementing changes to our products and operations to accommodate any changes. We will continue to keep customers informed of any changes as they occur. A copy of the draft is available here and additional information is available on the IRS website here.
If you have any questions, please email Compliance@castandcrew.com.
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The proceeding information is provided for informational purposes only, should not be construed as or relied upon as legal advice and is subject to change without notice. If you have questions concerning particular situations, specific payroll administration or labor relations issues, please contact your counsel.