RMASFAA Conference

Link & Learn More Link & Learn More About TaxesAbout Taxes

October 21, 2008October 21, 2008

Topics of Discussion

Who are we and why are we here?Challenges faced by Financial Aid

AdministratorsRecommendations/Resources to

overcome challenges

Who Are We?

Wage & Investment Division – Outreach & Education

Customers - Wage earners and/or investment income

Leveraged approach to taxpayer assistance Partner with organizations sharing a

commitment to provide education, benefits and services to underserved communities.

Who Are We?

Community based partnership model: Tax awareness and education Free tax preparation assistance Financial literacy and asset

building

Awareness and Education

Tax PreparationAsset

Building

Why are we here?

Address challenges faced during FAFSA verification process

Outline potential resources to overcome challenges

Challenges

Do I have the training necessary? Is my interpretation of the tax law

correct? (i.e. Am I reading this right?)

What documents should be requested?

Where do I go for information?

Recommendations

Link & LearnLink and Learn Taxes is an e-

learning course designed specifically for VITA/TCE volunteers. It provides uniform training and a consistent quality message to each volunteer.

Link & Learn Taxes and Your Organization

IRS e-learning course

Training and certification when and where you want it

Link & Learn Taxes …• Will deliver a uniform level of

instruction • Save on facility costs• Requires no instructor• Certifies your volunteers

online• Is available 24/7

A Training Course for Every Volunteer

BasicCommon individual and family tax concerns

IntermediateOther forms of income and deduction

AdvancedPension and advanced tax concerns

MilitaryActive members and Reserve

InternationalTaxpayers living outside the U.S.

Returning StudentTax laws that take effect this year

Foreign StudentAssist foreign students and scholars.

Puerto RicoBona fide residents of PR.

Getting to Link & Learn Taxes:

Go to www.irs.gov, type “Link & Learn” in the keyword field and click Search, then click on the “Link & Learn Taxes” link. Or you may be able to link directly using www.irs.gov/app/vita/index.jspEither way you'll find a detailed overview and links to the program.

Volunteer Income Tax Assistance (VITA)

Originated with Tax Reform Act of 1969 Increased emphasis on Taxpayer Education

Programs Offers free tax help to low to moderate income

individuals VITA volunteers prepare basic returns:

Low income taxpayers Persons with disabilities Limited English speaking persons Elderly taxpayers

Volunteer Income Tax Assistance (VITA)

Set up a site within your school. Train selected volunteer

students/staff Process tax forms for the

community and students as well as assist with the preparation of FAFSA forms.

What do you have to do?

Program is flexible! Your school decides:

What types of returns you will process.

– 1040EZ– 1040A– 1040 and related schedules

The school determines the

schedule Weekdays Weekends Super Saturdays During high-traffic

periods—February and April

Volunteer Income Tax Assistance

Examples of Successful Free Tax & FAFSA Form Preparation Strategies

Milwaukee, WI- VITA clients had FAFSA and tax returns prepared

Uvalde, TX – Held a FAFSA event to assist parents with tax return and electronic preparation of FAFSA

Oakland, CA – VITA clients had FAFSA and tax returns prepared

Resources www.irs.gov www.irs.gov/taxlaw IRS Tax Help-800-829-1040 IRS Forms & Publications – 800-829-3676 Publication 17- Your Federal Income Tax Publication 4012 – Volunteer Resource

Guide

Contact information

Robin Taylor, Senior Tax AnalystRobin.taylor@irs.gov

(404) 338-7174