Accounting Notices: W-4 and Reimbursements Changes
New Federal Withholding Tax Forms For 2020 (W-4)
The Internal Revenue Service has redesigned the W-4 forms for 2020. If you are planning to make changes to your federal withholdings for 2020, you are required to use the new 2020 W-4 form. The form has many changes and no longer has the withholding allowances like in previous year’s forms. If you are having trouble filling out the form, we advise you to consult with your tax professional. The Payroll/Accounting department CANNOT provide tax advice.
Employees are NOT required to submit a new 2020 W-4 form. You ONLY need to fill out a new 2020 W-4 form if you are planning to CHANGE your withholdings for 2020. If you wish to remain in the same as last 2019’s withholding, then NO ACTION IS REQUIRED. We will compute withholdings based on the most recent W-4 submitted to the Payroll/Accounting Department.
For more information, please refer to the link below from the IRS: 2020 W-4 FORM FAQS
Mileage and Conference Reimbursement Forms Update
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Mileage and Conference reimbursement forms have been updated to 2020's new rates. The new Mileage rate is down to 57.5 Cents per mile. It was previously 58 Cents Per Mile. The meal's reimbursement rates are the same as 2019's ($16 Breakfast, $17 Lunch, $28 Dinner).Please refer to Accounting Web Page under Staff Forms to download the new forms. The links are also provided below:
