Keep these important dates in mind and close out the year with confidence.

Upcoming Dates

December 30, 2019, by 5 PM PT: Last day to approve direct deposit payrolls for a 2019 pay date.

January 28, 2020, by 5 PM PT: If using the Intuit 1099 E-file service, this is the last day to submit for timely mailing of contractor 1099s.

January 29, 2020: Last day to e-file W-2 forms for processing by January 31, 2020.

January 31, 2020:

Last day to provide W-2 forms to employees and 1099-MISC forms to contractors.

Last day to e-file 1099 forms for timely processing with the IRS.

Did you know the IRS has released a new W-4 form? See Below about what’s changing, who it affects, and when the new form will be available in your account.

What’s changing with the Federal W-4?

Learn about the new changes to the Federal W-4 and how to enter and print a W-4 for employees.

Here are a few things you need to know about the changes:

What are the major changes to the W-4?The new changes are apart of the 2017 Tax Cuts and Jobs Act. The act made it necessary to revise the Federal W-4 form. There are a few key changes:

• Allowances that were tied to a personal exemption amount are no longer allowed by law.
• The ability for an employee to account for other income from other jobs or additional income is clearly represented leading to a more accurate calculation of withholding tax for the year.
• New filing statuses have been provided.

Do I need to ask all of my existing employees to fill out the new 2020 Form W-4?No. Employees who have submitted Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.

Can I ask all of my employees to fill out a new 2020 Form W-4?You may ask, but as part of the request, you should explain two things. First, they are not required to submit a new Form W-4. Second, if they do not submit a new Form W-4, withholding will continue based on a valid form previously submitted.

What information do I enter if my employee has not provided me with a Form W-4 and their hire date is in 2020?

New employees who are required to fill out the new 2020 Form W-4 but fail to submit one must be set-up with the following entries:

• Filing Status = Single
• Multiple Jobs/Spouse Works (2c) = Not Checked
• Claim Dependent Amount = $0
• Other Income = $0Deductions = $0
• Extra Withholding = $0

How do I estimate the tax withholdings?If you need to figure out what you need to pay, get an estimate for the tax withholdings.

Enter and print a W-4 into your payroll

With Payroll, you can enter your employees’ W-4s. You can either enter their W-4 with a 2019 form or use a W-4 form with the 2020 update.

Employees that need the 2020 Form W-4 include:

• Employees hired on or after, January 1, 2020
• Employees who make changes to their withholding elections at any time in 2020 or later
• Employees who have never given you a Federal Form W-4

Note: Once you update an employee’s W-4 to the 2020 version, you’ll not be able to change back to the 2019 version.

Learn how to enter a W-4 with:

QuickBooks Online Payroll

1. Select Workers, then Employees.
2. Select the name of the employee.
3. Select Edit ✎ beside Pay.
4. Select the 2020 W-4 or later radio button.
5. SelectUpdate
6. Enter the employee’s W-4 information into the form.
7. Select Done to save.

QuickBooks Desktop Payroll

1. Go to Employees, and then Employee List.Select the name of the employee. 
2. Select Payroll Info, and then select Taxes
3. On the W-4 Form dropdown, select 2020 and Later
4. Make sure your employee complies with the points on the Federal W-4 form popup, and then select OK. 
5. Enter the employee’s W-4 information into the form
6. Select OK to save.

Intuit Online Payroll

1. Select Workers and then Employees.
2. Select the employee’s name.
3. In the Taxes and Exemptions section, select Edit.
4. Select the 2020 W-4 or later radio button. 
5. Enter the employee’s W-4 information into the form.
6. Select Ok to Save

Print a W-4 form for an employee

You can print a W-4 form from the IRS site or from most all accounting platforms

Who fills out the W-4?

The W-4 has a series of worksheets to help employees complete the form on their own. A completed W-4 would then need to be provided to the employer so that the employer knows how much to withhold from each paycheck.

Do I have to file the W-4?

Employers do not need to file the W-4. However, the IRS does require employers to keep the W-4 in their records for at least 4 years.

What if I don’t have a W-4 for my employee?

Per the IRS guidelines, if you don’t receive a completed W-4 from an employee, withhold their tax as single with no withholding allowances.

For the complete year-end payroll checklist, see blow

Year-end checklist for Payroll

Learn how you can wrap up this year’s payroll and prepare for the next with.

December and January are important months for every business. Whether it’s filing your taxes or sending out your employees’ W-2s, there are several things you need to get done.

Go over these important dates and tasks as you plan your year-end payroll work. And you can use the links to get steps or more info on anything you’re wondering about.

December 30, 2019

Run final payroll for 2019

• Make sure employee wages and benefits are correct.
• If you use direct deposit, send off the year’s final paychecks and pay employee bonuses by 5:00 PM PT.
• Report all employee paychecks, including handwritten, commission, termination, and bonus checks.
• Add the year’s final fringe benefits to paychecks.
• Add any commissions your employees earned.
• Contribute to your employee’s retirement.

Order year-end supplies

• Order W-2 perforated forms and envelopes.
• Subscribe to our labor law compliance posters. This way you know when the law changes.

Before the first payroll of 2020

Review and update employee information

• Ask employees to review and update W-4 and state withholding forms.
• Update employee information, such as employee SSNs, legal names, and addresses.
• Review and update any changes to your federal deposit and filing schedule.
• Review vacation hours, including used and unused time.

Review and update company information

• Run reports for year-end: employee details, payroll details, taxes, and wage summary.
• Update State Unemployment Insurance rates effective January 1, 2020.

Keep an eye out for federal and state tax changes

• Review and update your state unemployment insurance (SUI) rate.
• Review and update your tax deposit schedules.

January 28, 2020

• E-file your 1099 forms on or before January 28, 2020 at 5:00 PM PT so they can be processed and postmarked to your contractors by January 31, 2020.

January 29, 2020

• E-file your W-2 forms on or before January 29, 2020, so they can be processed before January 31, 2020.  State lead times may vary.

January 31, 2020

Prepare and file payroll tax forms and payments

• Send W-2s to your employees.
• E-file and send 1099-MISC forms to contractors.
• Review and file federal forms, such as Forms 941/944 or 940.
• File state forms (form names and due dates vary by state).
• Invite employees to access pay stubs, W-2s and timesheets.