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December 2019 – Volume 23 Issue 4

December 2019 – Volume 23 Issue 4

As you are aware, the Internal Revenue Service redesigned the W4 form for 2020.  The W4 was redesigned to simplify the form and increase the accuracy for withholding taxes.

We have been tracking the changes to the W4 and preparing over the last year in order to be ready to accommodate the new design of the form.  The School Accounting System will be updated to handle the new W4 form, and the changes will be included in an update to be released in late December.

One of the biggest changes to the School Accounting System to accommodate for the new format of the W4 will be on the Taxes screen in the Employee File.  Since employees who previously submitted a W4 form using the old format are not required to complete a new form just because of the redesign, the Taxes screen in the Employee File will be updated to use the information from either format.  The Taxes screen in the Employee File will change to allow for the W4 information to be entered for the 2020 (and beyond) format, while still allowing the use of the information from the old W4 format for 2019 (and prior) to be tracked.

Also, for organizations who have licensed the Web Link module, a Federal W4 option will be added to the feature for viewing/changing the employee personal information to allow employees to complete/update their W4 form via Web Link.  These changes will then flow over to the Employee File so that payroll and human resource staff can quickly and easily update the employee’s tax information.

The payroll calculation will be updated to accommodate the new calculations needed to coincide with the 2020 W4 form, while also completing the calculation methods for the employees that have previous versions of the W4 (2019 and prior) on file.

To see a sneak peek of the changes that will be included in the upcoming release, click here.

To view the updated W4 form for 2020, along with the instructions, click here.  To review Frequently Asked Questions from the Internal Revenue Service regarding the redesigned W4 form, click here.