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Important year-end tax reminders for employers
Source:
bizjournals.com
- Nov 15, 2016
Employers should remind employees to review their form W-4 withholdings by the end of each year.
The Internal Revenue Service (IRS) suggests that employees submit any changes by December 1 to ensure that the revisions are effective for the new year, so employers should send employees a reminder sometime in November.
If not changed, a W-4 may remain in effect for years, since employees need not submit a new form every year — unless an employee claims a complete exemption from income tax. Employees may claim this status if they did not owe income tax in the prior year and do not expect to owe taxes in the coming year. Forms W-4 that claim such status expire on February 15 each year, so the employee must submit a new W-4 by that date.
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Category: General Business
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