It’s tax time — be on the lookout for forms and a new W-4 for 2020
In addition to filing your W-2, the IRS requires reporting of health insurance coverage information for the 2019 federal income tax reporting year. While it is not necessary to include the actual forms with your tax return, information from IRS Form 1095-B and/or Form 1095-C must be included on individuals’ income tax returns.
Please be sure to watch your mail for important tax documents and safeguard your form(s) with your other tax reporting documents. For those who did not elect to receive their W-2 and/or 1095-C form electronically, W-2 forms were mailed on Jan. 31, and 1095-C forms will be mailed in early 2020.
As we reported last month, the Internal Revenue Service (IRS) has released a new W-4 and withholding calculator to help taxpayers remedy their withholding. The new form is simplified to “reduce the form’s complexity and increase the transparency and accuracy of the withholding system,” according to the IRS. It’s the first overhaul of Form W-4 in more than three decades.
The IRS has also published Frequently Asked Questions you may find helpful as you complete the form.
If you have any questions, please contact Payroll Services at email@example.com.