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Employers Must Stop Advance Earned Income Credit Payments in 2011

Employers Must Stop Advance Earned Income Credit Payments in 2011


 

Advance earned income credit has been repealed for 2011. This credit allowed certain low-income employees to receive an advance payment of the earned income credit in their paychecks. Their withholding was lowered to take into account the payment. However, employers are cautioned that the advance earned income credit has been repealed beginning with the 2011 tax year.  Therefore, they must stop the advance EIC credit payments effective for payroll payable in 2011.

 

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Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.

 

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March 14, 2011 Posted by | antelope valley income tax, av best payroll, av best tax preparation, lancaster tax advice, lancaster tax questions | , , , , | Leave a comment