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Posted

Hello:

Does anyone have any feedback or concerns implementing the 2022 W4P in their DB systems?  I am being told that the IRS didn't rule on implementing, but from what I can find, the W4P is required to be in place for 2023, where as the W4 was required in 2022.

I found IRS publication 15-T that specifically addresses this so I am unsure why some don't think this is law.

Any thoughts or insight is appreciated.

Patty

Posted

https://www.irs.gov/forms-pubs/additional-guidance-for-substitute-and-telephonic-submissions-of-forms-w-4p-and-w-4r

Whoever told you that "the IRS didn't rule on implementing" might have meant that the IRS hasn't provided any rules for implementing a simplified substitute form, like we were used to with the old W-4P. The rules for using a substitute form now are so onerous that it is basically impossible. The new forms W-4R and W-4P (or suitable substitutes) must be used starting in 2023, unless the IRS comes out with some guidance before then.

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Corey B. Zeller, MSEA, CPC, QPA, QKA
Preferred Pension Planning Corp.
corey@pppc.co

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