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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]

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]

IRS Regulations Impose Strict Penalties on Tax Preparers for Inaccurate EITC Claims

The IRS is making major changes to the Paid Preparer's Earned Income Credit Checklist and is continuing to crack down on inaccurate Earned Income Tax Credit (EITC) claims. Make sure you know the Earned Income Tax Credit Due Diligence Requirements, because the consequences of incorrectly filing the EITC can have devastating effects on you, your employees, and your tax business. [More]