Paylocity Unveils W-4 Readiness Kit to Help Employers Prepare for IRS Changes
January 08, 2020 at 08:30 pm IST
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Paylocity announced its W-4 Readiness Kit to help its clients ensure compliance with the Internal Revenue Service's (IRS) new W-4, Employee's Withholding Certificate. With the new year underway, it is critical that employers understand how the new W-4 form, which went into effect on January 1, has been revamped and how their employees should complete it during onboarding or when making income withholding election changes. Resulting from the 2017 Tax Cuts & Jobs Act, the new design reduces the form's complexity and increases the transparency and accuracy of the withholding system. Paylocity's W-4 Readiness Kit provides employers with the library of resources both payroll professionals and employees alike need to navigate these changes and ensure seamless compliance. Paylocity's W-4 Readiness Kit includes the following features: Trusted expertise: Paylocity clients have access to the company's payroll and tax experts on the new Form W-4 as questions arise. The company's experts are constantly staying in-the-know about new legislation affecting payroll, such as the Form W-4, meaning employers can rely on the company for guidance along their compliance journeys. Robust training resources: Located conveniently within the Paylocity Education and Knowledge (PEAK) Center, Paylocity clients can access webinars, podcast recordings, frequently asked questions, email templates for employees, sample withholding calculations and more to familiarize themselves with the new Form W-4 and its requirements. The form is divided into five steps, and Paylocity's Readiness Kit provides detailed guidance for each portion of the process. Communication: Paylocity's involvement in helping clients comply with the Form W-4 extends beyond the preparation stages the company also partners with its clients in communicating the changes to employees. Specifically, the W-4 Readiness Kit includes a sample letter explaining the 2020 W-4 to employees. Clients can also use other features within the Paylocity platform, such as its Community tool, to share quick, frequent and collaborative updates about the W-4. This real-time, social workplace tool can help with change management and ensure employees who need to fill out the new withholding form do so in a timely manner. Paylocity is committed to helping its clients prepare for new federal-level legislation including the new Form W-4. When partnering with Paylocity, clients can expect to receive frequent and comprehensive guidance for complying with other upcoming laws like the Department of Labor Overtime Exemption Rule, California Assembly Bill 5 worker classification test, Federal 2020 Inflation adjustments to contribution limits and the Department of Labor Regular Rate of Pay Rule â€" all of which are effective this month.
Paylocity Holding Corporation is a cloud-based provider of human capital management (HCM) and payroll software solutions. The Companyâs services are provided in a software-as-a-service (SaaS) delivery mode. Its HCM and payroll software solutions deliver a unified platform for the modern workplace. It offers a product suite that helps businesses attract and retain talent, build culture and connections with their employees and streamline and automate Human Resources (HR) and payroll processes. The Company's product suite comprises payroll, human resources, time & labor, talent, benefits, employee experiences, insights & recommendations, implementation and training services and tax and regulatory services. Its software solutions offer its clients automated data integration with third-party partner systems in its Integration Marketplace, such as 401(k), benefits and insurance provider systems. It provides its SaaS solutions to approximately 36,200 clients across the United States.