October 17, 2019
The Internal Revenue Service (IRS) has announced that they will release a new Form W-4 for calendar year 2020. Starting 1/1/20, all new employees and any current employee who wishes to change their withholdings will be required to use the new form, which we expect will be incorporated into the electronic W-4 in PeopleSoft.
Existing employees who do not wish to change their withholdings do not have to take any action. The IRS has released a draft of the form: https://www.irs.gov/pub/irs-dft/fw4--dft.pdf, and FAQs around the upcoming changes: https://www.irs.gov/newsroom/faqs-on-the-draft-2020-form-w-4. Central Payroll is closely monitoring the release of the form and will provide more information as soon as it is available.