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Regs proposed to update tax withholding rules
Treasury and the IRS have announced they have issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act and other legislation. The changes, which are designed to accommodate the redesigned Form W-4, Employee’s Withholding Certificate, to be used starting in 2020, and the related tables and computational procedures in Publication15-T, Federal Income Tax Withholding. The proposed regulations and related guidance do not require employees to furnish a new Form W-4 solely because of the redesign of the Form W-4.
Comments on the proposal are due by April 13, 2020.