We will publish the Year End Update soon after the IRS releases the FINAL version of Publication 15-T.
The Pub. 15-T is the official Federal Income Tax Withholding Rates/Methods.
When will the IRS release the publication?
The IRS has said “… the final Publication 15-T will not be posted until
December…”
We do not know what day they will release it. Please know we are checking constantly for the Final version. We know that you need to start your first payroll for 2020 ASAP. Soon after the IRS posts their Final version, we will be able to release our Year End Update.
The final version of Publication 15-T which will have the amounts to use for the standard allowances (for 2019 and prior W-4’s) and the new standard deduction amounts (for 2020 W-4’s).
The current draft publication of the 15-T on the IRS website includes these amounts based on 2019 tax tables. If the IRS delays much longer, we may publish a temporary federal tax rate file using the 2019 numbers, and publish a final federal tax rate update once the final 15-T is available.
All available state tax rate tables have been updated so the only holdup is the federal numbers.
If you have not already, please review our blog Year End Update First Look: New W-4 (Part 1). We posted a 4 part blog series on the changes being made to the W-4 form for 2020 to help you get ready.
Get the Update First
Subscribe to our blog and be the first to know when our Year End Update is ready! We will post a blog letting you know when the Year End Update has been released.