SCHAUMBURG, Ill., Jan. 8, 2020 /PRNewswire/ -- Paylocity (NASDAQ: PCTY), a leading provider of cloud-based payroll and human capital management (HCM) software solutions, today announces 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 Jan 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.
"At Paylocity, we understand that complying with new IRS standards like the newly enforced Form W-4 can be a massive undertaking for employers without the right direction from a trusted payroll partner," said Corinne Tirone, Director of Government Relations at Paylocity and member of the National Payroll Reporting Consortium. "That's why we've made our W-4 Readiness Kit available to our clients to help simply manage and execute the changes. Armed with Paylocity technology and our talented team, we're confident our clients will adapt to the new protocol with ease."
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 – all of which are effective this month. For more information on each of these changes, please read Paylocity's recent blog post: 6 New Employment Laws to Ensure Compliance in 2020.
Paylocity (NASDAQ: PCTY) is a leading provider of payroll and human capital management (HCM) software solutions. Paylocity's comprehensive product suite delivers a unified platform for professionals to make strategic decisions in the areas of benefits, core HR, payroll, talent, and workforce management, while cultivating a modern workplace and improving employee engagement. Founded in 1997 and headquartered in Schaumburg, Ill., Paylocity has consistently been recognized nationally for its innovation, culture, and growth. Most recently, Paylocity was honored as #20 on Glassdoor's Best Places to Work Employees' Choice list; highlighted on several G2 Crowd Grid® Reports, including leading Satisfaction scores on 13 HCM software-focused reports; recognized as a top HR performer on the Workforce 100; and ranked #27 on Crain's Fast 50 list of fastest-growing Chicago-area companies, among receiving a number of other national and local awards. For more information about Paylocity, visit www.paylocity.com.
Walker Sands, for Paylocity