Register now for our upcoming webinar How America Retires: Complying with Federal And State Solutions on 3/23!
The drastic change to Form W-4 and the entire federal income tax withholding process that took effect on January 1 this year (check out our blog article on the topic here) created lots of questions for employees, lots of compliance challenges for employers, and more than a little confusion for some HCM providers.
Recent employer feedback shows that a number of software solutions are not able to accommodate all the new data items on the form as a result of the Tax Cuts and Jobs Act of 2017. Certain other applications integrated the new form, with a focus on user experience at the expense of compliance.
Is your provider/software taking proper care of you? If you are not sure, check out the following. If you cannot answer “yes” to ALL questions, then your “solution” is not keeping you in compliance with IRS requirements. (If you’re not sure of the answers, check your federal tax-setup screen or ask your provider.)
Example: If an employee is paid with the higher tax calculation in effect, will the system stop you from paying them next week as “married claiming 3 exemptions”?
*Note: Because of a desire to enhance the client experience and a mistaken reading of IRS instructions, some systems are limiting credits to multiples of $2,000. This is not compliant – credits can be any amount greater than 0.
Viventium answers “yes” to all 17 challenges. For more information, visit our Resources page, and if you want to learn more about how Viventium’s software and services can help, click here.
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