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 2010. All certificates currently in effect expired at the end of calendar year 2009 and must be renewed by submitting a new Form W-5 as soon as possible.
As noted in previous articles, there has been a permanent change in procedure concerning the processing of these forms. Employees must now send their forms directly to Accounting Services in Eagan, Minnesota. This procedural change will enable Accounting Services to process these forms in a more timely and efficient manner. 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 Form W-5 require the submission of a new form.
To ensure the new forms will be effective as early as possible in calendar year 2010, Accounting Services should receive them at the address shown below no later than Wednesday, February 17, 2010. Receipt by then will ensure the information on the form will be effective as soon as possible in 2010.
Attn: Financial Reporting Section
Accounting Services
2825 Lone Oak Parkway
Eagan, MN 55121-9617
Reminders:
n Administrative and managerial employees must not provide tax advice to employees concerning the completion of Forms W-5. Employees are responsible for proper and timely submission of their form.
n IRS regulations mandate employers submit copies of all Forms W-5 received for their employees. After receipt and processing in Eagan, a copy of each form will be sent to the IRS for its review.
— Payroll, Finance, 1-28-10
