The IRS has proposed an update to the Form W-4 that it says will increase its accuracy, reduce its complexity and help avoid surprises at tax time. Under the proposed update, released Friday, employees would still face a one-page form with a simple default option. The IRS is making the update in the wake of the overhaul of federal tax law. The new tax law did away with the personal exemptions that are essentially the backbone of the current W-4. He also emphasizes that people who want to improve the accuracy of their withholdings do not have to wait until this new form comes out to update their W-4 information.

Source: ABC News May 31, 2019 16:02 UTC