What’s new?
The Earned Income Tax Credit Notice (EITC Notice), IRS Publication 962, has been revised to provide a more general description of EITC eligibility rules. Here’s what changed:
- Clarification that the EITC tax credit is available to employees, business owners and farmers.
- Maximum annual earned income and investment income levels and annual credit amounts have been removed from the EITC Notice.
- Common errors, special rules for certain taxpayers, and locating a tax preparer have also been removed from the EITC Notice.
- Eligibility requirements for employees who do not have any qualifying children have been added to the EITC Notice.
- Employees are informed of when EITC refunds are issued.
- Help is offered through the IRS’ free online tools: EITC Assistant, Volunteer Income Tax Assistance (VITA), and FreeFile.
Who must post?
Code of Virginia, Section 40.1-28.7.3 requires all employers to post in the same location where other employee notices required by state or federal law are posted the notice provided by the Virginia Department of Social Services that informs employees that they may be eligible for a federal income tax credit and may apply for the credit on their tax returns.
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