Member Since: Mar 10th 2016
Jan 2nd 2020
Peter, your suggestion sounds like a full tax projection to me. My point is, that the new W-4 form requires a lot of time from the accountant, which clients are not going to want to pay for. There is no quick, simple answer.
Dec 20th 2019
I have been a CPA a long time, I have read at least 5 articles that say what you are saying. I still do not know what to tell clients about their W-4, short of doing a full tax projection. A few times a year, I would get a call, "I am filling out my W-4 how many exemptions should I claim"? I would think and say, just put down 5 or 1, based on my in my head estimate.
Now you cannot do that. I am not sure what one is supposed to say. I guess the only thing you can say, is if they are itemizing deductions, put that amount in, otherwise, it seems there is nothing to adjust withholding.
I am sure we will continue to see a lot of clients way under and way over withheld.