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 2008. All certificates currently in effect expire at the end of calendar year 2007 and must be renewed by submitting a new Form W-5 as soon as possible.
As noted last year, there has been a permanent change in procedure concerning the processing of these forms. Employees must now send their forms directly to the Eagan, Minnesota, Accounting Service Center (ASC). This procedural change enables 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 2008, the ASC must receive them at the address shown below by no later than Monday, December 24, 2007, which is the beginning of the first week of Pay Period 01-08. Receipt by that date will ensure that the information on the form will be effective as soon as possible in 2008.
ATTN FINANCIAL REPORTING SECTION
EAGAN ACCOUNTING SERVICE CENTER
2825 LONE OAK PKWY
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 form.
(2) IRS regulations mandate that employers submit copies of all Form W-5s received from their employees. After receipt and processing at the ASC, a copy of each form will be sent to the IRS for its review.
— Payroll,
Finance, 12-20-07
