2020 was a long, difficult year for many. As the year comes to a close, many are eagerly looking forward to turning the page on the calendar to 2021, and to the hope that a new year inevitably brings.
While 2020 taught us that there are some things we may not expect, there are still some changes we know and can prepare for. To help your staffing business get ready for the new year, we’ve assembled a list of important tax and minimum wage changes for 2021.
Earned Income Tax Credit Notice Information:
For 2020, you are encouraged to notify the following employees that they may be able to claim EIC on their 2020 tax returns:
- Employees with one qualifying child and wages less than $41,756. The employee’s copy of Form W-2 TRICOM prepares has the required statement about the EIC on the back of the form.
There are seven states that require employers to provide some additional notification to their employees about their possible eligibility for Earned Income Tax Credit. The following states allow employers to use Federal Notice 797: