Wisconsin DOR Publishes Withholding Tax Guide for Withholding Periods Beginning From, After Jan. 1, 2022

The Wisconsin Department of Revenue Oct. 1 published an updated withholding tax guide, effective for withholding periods beginning on or after Jan. 1, 2022, for corporate income and individual income tax purposes. The updated guide includes: 1) current withholding rates continue for 2023; 2) taxpayers are required to report nonemployee compensation on Form 1099-NEC instead of Form 1099-MISC for federal purposes; 3) newly-hired employees are required to provide completed Form WT-4, Employee’s Wisconsin Withholding Exemption Certificate/New Hire Reporting, to each of their employers for state withholding tax purposes; 4) employers filing quarterly, monthly, or semi-monthly can’t submit an annual reconciliation ...