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Form W-5 Renewal for 2007

Form W-5, Earned Income Credit Advance Payment Certificate, which allows eligible employees to receive advance payment of their earned income credit, must be renewed for 2007. All certificates currently in effect expire at the end of calendar year 2006 and must be renewed by submitting a new Form W-5 as soon as possible.

There has been a change in procedure concerning the processing of these forms.

Employees must now send their forms directly to the accounting service center (ASC) in Eagan, Minnesota. This procedural change will enable the ASC to process these forms in a more timely and efficient manner. Please note that Internal Revenue Service (IRS) regulations specifically prohibit any retroactive changes or additions to the information submitted on the original Form W-5. Any changes, corrections, or additions to a W-5 require the submission of a new form.

To ensure that the new forms will be effective at the beginning of calendar year 2007, the ASC must receive them at the address shown here by no later than Monday, December 18, 2006, which is the beginning of the second week of Pay Period 26. Receipt by that date will ensure that the information on the form will be effective as soon as possible in 2007.

EAGAN MN 55121-9617

Reminders: (1) Administrative and managerial employees must not provide tax advice to employees concerning the completion of Form W-5s. Employees are responsible for proper and timely submission of their forms.

(2) IRS regulations mandate that employers submit copies of all Forms W-5 received from their employees. After the ASC receives and processes the form, they will send a copy of each form to the IRS for their review.

— Payroll Accounting,
Finance, 12-7-06

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