Washington – The IRS will soon update the W-4 form used by employees at their workplace to better reflect the recent changes to federal tax law.
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The U.S. Treasury said Thursday that the IRS will update the form in the coming weeks for use for the 2019 tax year. That version is expected to be fairly similar to the W-4 currently in use.
A more significant change will come in 2020 with the hope of making the withholding system more accurate and transparent to employees.
Employees fill out a W-4 form with employers so that the employer can withhold the correct federal income tax from their pay.
The IRS released a draft of the redesigned form in June for public comment and said it is working to integrate those suggestions.
Why in this modern age does the average person need to fill out a slip of paper? The government already tracks our financial information. There is no need for us to tell them what they already know. British people. most Europeans do not fill out a form. The Government takes out the tax and sends you an annual statement.
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But H&B Bloc, Quicken and all the rest have paid Congress to prohibit a modern, efficient system of taxation.