President Trump signed the SECURE Act into law in mid-December, and it changes how some beneficiaries inherit money from retirement accounts. But the good news is that not everyone will face higher taxes under the new bill.

You might not think adding an extra day to the calendar in 2020 would be much of a big deal … until you consider the payroll implications. Depending on when employees in your organization get paid, there may be an extra pay period or paycheck in 2020.

Starting Jan. 1, 2020, the new minimum is $35,568 annually, up from $23,660. Salaried employees who make less than this new amount will likely be eligible for overtime pay at 1.5 times their base rate.

The goal of the new 2020 W-4 form is to “provide simplicity, accuracy, and privacy for employees while minimizing the burden for employers and payroll processors.” It’s also designed to improve the accuracy of employee withholding amounts. Here’s a breakdown of what you need to know to help you and your employees reduce how much time and effort the new W-4 requires.

Make plans to attend one of our two free seminars in January to get all your 2019 tax-related questions answered.

Casey Peterson, Ltd. is seeking an Accounting Services Associate to join our Rapid City, SD team.

Casey Peterson, Ltd. is seeking an Administrative Assistant to join their Rapid City, SD team.

Meet one of our newest team members, Melissa Crouch.

Meet one of our newest team members, Rhye Leonard.

Casey Peterson, Ltd. is seeking an Accounting Services and Tax Associate to join their Gillette, WY team.