Foundation Forms Partnership With IRS
The National Credit Union Foundation (NCUF) has partnered with a segment of the Wage and Investment Division of the Internal Revenue Service that will provide financial and tax education, free tax preparation sites, and asset building strategies. Under the program, credit unions can establish on-premises IRS Volunteer Income Tax Assistance (VITA) sites that will provide:
* Assistance with money management skills to low-income persons.
* Low-income assistance to meet tax obligations.
* Positive relations between credit unions, its members, and the community.
* Funding sources, such as tax credit assistance, for asset building strategies.
Through its VITA program, the IRS offers free assistance with tax return preparation and tax counseling by using volunteers- in this case credit union employees-trained by the IRS, to help individuals meet their tax obligations. Volunteers will provide individuals information on an array of tax credits, in particular the Earned Income Tax Credit (EITC).
The Foundation said that under the partnership, the IRS will provide the necessary software, training, and a contact for assistance to VITA.