Hi, Taxin4Me,
You are not required to update your W-4 unless there are major changes to the tax law (as in the TCJA) or life changes. This is from the W-4 instructions:
Complete a new Form W-4 when changes to your personal or financial situation would change the entries on the form.
That said, there are many reasons you might want to update that W-4 (like income from a second job or a nice capital gain windfall). Check out this article for the top 5 reasons. Some payroll departments also require employees to update it annually.
Cheers!
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