By Payroll and Entitlements Editorial Staff
The IRS has issued a draft of Form W-4 for 2020. The revised form implements changes made following the 2017 Tax Cuts and Jobs Act, which made major revisions affecting taxpayer withholding. The redesigned Form W-4 no longer uses the concept of withholding allowances, which was previously tied to the amount of the personal exemption. Due to changes in the law, personal exemptions are currently not a central feature of the tax code. (IRS News Release IR-2019-98, May 31, 2019.)
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