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IRS attempts have not effectively reached some targete

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IRS attempts have not effectively reached some targeted audiences ... Immigrant workers do not understand the role of the IRS ... – PowerPoint PPT presentation

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Title: IRS attempts have not effectively reached some targete


1
IRS CREDIT UNION PARTNERSHIP INITIATIVES
2
American Assets..
  • Over 10 million families are unbanked
  • 50 of unbanked households are headed by persons
    under age 45
  • 33 have no or negative financial assets
  • Comprises 46.9 of all children
  • One out of three have no retirement savings
  • 78 of college students have at least one
  • credit card

3
Outreach Efforts
  • VITA
  • 32 continuous years
  • 4880 sites nationally
  • Free tax prep service
  • Free tax software
  • E-filed returns
  • Expedited refund
  • CTC
  • Partially refundable in 2001
  • 1,000 each qualifying child
  • EITC
  • Refundable Tax Credit
  • Supplements Wages
  • Lifted 4.7 million
  • Over 20 million taxpayers
  • 36 billion received

4
Building Assets Involves
  • Financial Education
  • Credit Counseling
  • Checking/Saving
  • Home Ownership
  • IDAs
  • ASSETS

5
Why is the IRS interested ?
  • Ensure all eligible families receive tax benefits
    for which they are entitled
  • IRS attempts have not effectively reached some
    targeted audiences
  • To overcome the fear mistrust of the government
  • Immigrant workers do not understand the role of
    the IRS
  • Information tailored to local needs is more
    effective
  • Shared mission to assist working families

6
Solution..
Communities Helping Communities Through IRS Partn
ership Model
Awareness and Education
AssetBuilding
Community- Based Organization
TaxPreparation
7
PARTNERING A REWARDING CHALLENGE
8
Partnering Efforts.
  • Advertise distribute EITC materials
  • Host a VITA site or provide space for one
  • Provide space for financial education training
  • Encourage employees to volunteer at site or
    instruct financial education training
  • Arrange for on-site credit counseling
  • Donate excess computers, paper, office supplies
    for operation of VITA site

9
More Partnering Efforts..
  • Accept direct deposit of EITC refund
  • Waive fees offer low/no cost savings accounts
  • Provide staff at VITA site to discuss benefits of
    financial services
  • Establish an IDA Program or hold accounts
  • Transmit tax returns as an ERO
  • Provide other volunteer services based on
    available resources

10
Rewards/Benefits
  • Credit Unions
  • Strengthen community resources relationship
  • Achieve Org. Goals
  • Serving the Underserved
  • Membership
  • Retention/Increase
  • Increase Deposits
  • Expand services for members
  • Members
  • Financial Education
  • Access to tax info
  • Free Tax Prep
  • Free Tax Forms
  • Expedited Refund
  • Asset Vehicle

11
NCUA Technical Assistance Grants
  • 50,000 IDAs
  • 75,000 VITA
  • 100,000 Serving the Underserved
  • 100,000 Officers/Staff Training
  • 150,000 Financial Education
  • 150,000 Home Ownership
  • 150,000 Enhanced Technology

12
For More Information
  • Contact the
  • IRS
  • via e-mail at
  • partner_at_irs.gov
  • Credit Unions located in PR
  • should contact
  • Digna Davila at 787-622-7924
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