Urgent Red Wing Payroll 2020 Form W-4 Information

The IRS recently released a new Form W-4 for 2020 with significant changes from the previous Form W-4. Rather than specifying withholding allowances, employees provide employers with amounts to increase or reduce taxes and amounts to increase or decrease wages subject to income tax withholding. Submitting a 2020 Form W-4 is optional for current employees. By default, Red Wing Payroll will continue to use the marital status and allowances that are setup for your employees in 2019 to calculate taxes based on the 2020 tax tables. However, due to technology limitations, Red Wing Payroll cannot be updated to perform the new required calculations to support the 2020 Form W‑4.
For additional information regarding details for the 2020 Form W-4 from the IRS on withholding amounts, allowances, deductions, etc. please see the following links:
About Publication 15-T, Federal Income Tax Withholding Methods
About Form W-4, Employee's Withholding Certificate
Important Options for Red Wing Payroll and the 2020 Form W‑4:
At your discretion, continue to use the 2019 Form W‑4 with the 2020 tax table update you recently received for Red Wing Payroll. The 2020 tax update does NOT include support for the 2020 Form W-4. By default, Red Wing Payroll will continue to use the marital status and allowances that are set up for your employees in 2019 to calculate taxes based on the 2020 tax tables.
For employees that submit a 2020 Form W-4, use the IRS Income Tax Withholding Assistant for Employers to manually calculate the amount of Federal income tax to withhold from the employee wages. Click here for additional information.
Transition to CenterPoint Payroll which automatically supports the new 2020 Form W-4. Please contact the Red Wing Software Sales department or e‑mail sales@redwingsoftware.com for additional information.

Free Pre-Recorded Virtual Classroom Sessions on W-2, ACA, and 1099 Forms

The live Virtual Classroom will be on vacation during December and January. Sessions will resume in February.
Although the live Virtual Classroom is on vacation, we are pleased to offer our Red Wing Software customers an opportunity to learn more about W-2, 1099, and Affordable Care Act (ACA) year-end tax forms, via free pre-recorded sessions in our online Virtual Classroom. These sessions were recorded by one of our CenterPoint experts and provide you with in-depth information and explanations about the year-end tax forms from any location where you can access the internet (high-speed internet connection recommended).
You can view the free pre-recorded year-end tax form sessions and session materials from the links below. Under Course Materials (on the lower-left side of the page), first view the session materials and then view the video.
W-2 Forms for CenterPoint Payroll
ACA Forms for CenterPoint Payroll
1099 Forms for CenterPoint Accounting for Agriculture
1099 Forms for CenterPoint Accounting

Year-End Tax Forms

As the end of 2019 approaches, we would like to suggest the forms, perforated paper, and envelopes that you may need to purchase for processing W-2s, 1099s, and ACA forms (for CenterPoint Payroll only). Forms, perforated paper, and envelopes can be purchased from Computer Forms, Inc. at redwing.computerforms.biz, by calling 800-458-0158, or by clicking the Order Checks and Forms icon on the Red Wing Software website. All 2019 forms are 25% off until December 31, 2019 (use promotion code RWCFITD when ordering).
From the Computer Forms, Inc. website, select Tax Forms, select the product you use, for example CenterPoint, Red Wing Payroll, or TurningPoint, and then select Order Laser W-2 Forms, Order Laser 1099 Forms, or Order ACA-1095 Forms (for CenterPoint only) to display the W-2, 1099 or ACA forms, perforated paper, and envelopes.
Note: The W-2 and 1099 forms (excluding the Federal Red Copy) can be printed on the same plain perforated paper (if you choose to order the blank perforated paper with no backer instructions) and use the same envelope. You can print the W-2 and 1099 forms on plain paper, but the IRS recommends the forms be printed on perforated paper. The W-3 can be printed on blank plain paper.

Why File Tax Forms Electronically?

Still thinking about trying electronic tax form filing? Filing tax forms electronically (“eFiling”) is by far the fastest and most efficient method. CenterPoint Payroll allows customers to file electronically, and information for tax forms is pulled directly from the information within CenterPoint Payroll. That information is then seamlessly placed onto the form on your computer, where forms can be saved, and can then be filed electronically via the internet. With this method, there are no stamps, forms or envelopes to be purchased. Also, filing happens instantly so there is no time delay for the mail. Filing electronically can also save significant time during the payroll process. Make this your year to increase efficiency during your tax form filing process, and give electronic filing a try!

Year-End Procedures

Software Program Year-End FAQ Document
CenterPoint Accounting for Agriculture Click Here
CenterPoint Accounting Click Here
CenterPoint Fund Accounting Click Here
TurningPoint Accounting Click Here
CenterPoint Payroll Click Here
Red Wing Payroll Click Here
CenterPoint year-end documents can also be accessed directly from the Help section. From our website at www.redwingsoftware.com select Menu, under your CenterPoint product, select Help. In the Search bar, enter Year-end Frequently Asked Questions or by logging into our website at www.redwingsoftware.com from the My Account Home page, select End of Year.
Red Wing Payroll year-end documents can be accessed directly from our How2 Documentation. Log in to the Red Wing Software website at www.redwingsoftware.com, select Menu > Legacy Products > Red Wing Payroll > How2 Documentation, and then select End of Year > End of Year FAQ or by logging into our website at www.redwingsoftware.com from the My Account Home page, select End of Year.