By Payroll and Entitlements Editorial Staff
IRS has released the second draft of the 2020 Form W-4, Employee’s Withholding Certificate. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) into law. The law eliminated the use of the personal exemption (allowance) amounts while increasing the standard deduction amounts.
The title of Form W-4 has been changed to Employee’s Withholding Certificate (removing the word “Allowance”). Note that in this second early release draft of Form W-4, the computation of withholding has not changed from the first early release posting.
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