CU Backs Major Effort On Tax Credits

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Lower East Side People's Federal Credit Union (LESPFCU) here has launched a community- wide financial literacy program aimed at raising awareness of Earned Income Tax Credits (EITC), the availability of free tax filing assistance in their community, and new partnerships to help facilitate the program.

The $9-million credit union, founded in 1985, held a press conference to announce its plans at which CEO Pablo DeFilippi was joined by New York City Council Member and LESPFCU founding member Margarita L?pez and New York Housing Authority Chairman Tino Hernandez and Michael J. McCormick of the IRS. Enacted by Congress in 1975, the EITC reduces the amount of taxes owed by low- to moderate- income workers. According to the credit union, in New York City alone, 230,000 families are eligible for approximately $465 million in tax refunds, but do not claim available Federal and State EITC's.

LESPFCU, working closely with the IRS, the Robin Hood Foundation, and accounting firm KMPG, will run the only Volunteer Tax Assistance (VITA) site in the Lower East Side out of the CU and will assist low-income individuals with free tax preparation, claiming EITC credits, and e-filing.

Lower East Side People's reported that both L?pez and Hernandez are supporting the outreach efforts of LESPFCU to promote the EITC program by conducting community forums in different locations of the Lower East Side of Manhattan. The NYCHA will also be posting informational posters about the program throughout public housing sites.

- From CU Journal Reports.

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