The poster for the Federal Earned Income Tax Credit (EITC) program has changed completely. The new poster has a revision date of 11-2016—and a new look.
What Your Employees Need to Know
In order to receive the EITC benefit and others (Child Tax Credit or American Opportunity Tax Credit), individuals must file a federal tax return, even if they do not owe any taxes.
Those who are eligible for the EITC must fit one of the following requirements:
- They must earn less than $53,505 and have a qualifying child living with them (a son/daughter, stepchild, foster child, brother/sister, half-sister/half-brother, niece/nephew, or adopted child).
- They must earn less than $20,430, have no qualifying child, and be at least 25 years of age and under the age of 65.
New language on the poster reminds people that refundable tax credits can help them pay bills or save money for a rainy day—who wouldn’t want that?
One last thing to note is that the Virginia Credit for Low-Income Individuals poster has been removed by the state. This is because it is no longer a requirement.
How to Keep Those Posters Coming!
If you sign up for our OneSystem 1-Year Compliance Plan, you will automatically receive the updated Virginia poster as soon as it becomes available. And because we provide free updates for mandatory changes, regardless of how many occur during the year, you can count on us to keep you in compliance!