Payroll Checkups During December

Per IRS estimates, the average refund is $2800. It’s fun to get a big refund, but employees may be entitled to have less tax withheld; keeping more of their take-home pay during the year. Conversely, too little withholding can result in IRS penalties and interest charges for both employees and employers. As we approach year end, it’s a good time to think ahead to payroll tax changes for 2020. SoundCPA Insights employers get SoundCPA Insights for Business in Executive Summary Style. No White Papers or Manuals to Search! Accounting & Technology News for Business and Employers, Corporate and Partnership Tax Calendars and Employer Tax News. Will employees need a new W4 in 2020? Employees should fill out a new W4 (usually in the last half of December) for 2020 if they will have changes like filing status, number of jobs, self-employment income, deductions, or credits. SoundCPA Insights employers can schedule a payroll check-up during December and include an on-site or on-line training session for employees. New to SoundCPA? Schedule an Initial Client Consultation, in Bellevue or On-Line.