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Professional Tax Software News & Advice

Employee Notification Requirements for the Earned Income Tax Credit By State

In 2011, the federal government stopped the Advance Earned Income Tax Credits program. Today, Earned Income Tax Credits still exist, but on a 1040 personal tax return level only. Some states have state EITC, and seven states and one city have Earned Income Tax Credits that have employee notification requirements. These states require employers to provide a separate EITC state notice, as well as the federal notice requirement. Here is a breakdown of the requirements state by state. [More]

6 Tips on Who Should File a 2014 Tax Return

Most people file their tax return because they have to, but even if they don’t, there are times when they should. They may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax tips to help you find out if your client should file a tax return. [More]

EITC Awareness Day

The Internal Revenue Service is partnering with community-based organizations across the country to promote the annual Earned Income Tax Credit Awareness Day, January 30, 2015, an effort to alert millions of low and moderate-income workers who may be missing out on a significant tax credit that can be worth up to $6,000. [More]

Report Shows IRS Made Errors on 24% of EITC Payments

Even though the Internal Revenue Service has reported an overall decline in the improper payment rate for the Earned Income Tax Credit since fiscal year 2003, the amount of payments made in error has increased from $10.5 billion in fiscal year 2003 to $14.5 billion in fiscal year 2013, according to a new government report. [More]