using irs resources in the verification process december 10,2009 swasfaa conference albuquerque, nm

Using IRS Resources in the Verification ProcessDecember 10,2009

SWASFAA Conference

Albuquerque, NM

Topics of Discussion

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

Administrators Recommendations/Resources to

overcome challenges

Who Are We? Outreach and education function of Internal

Revenue Service’s Wage & Investment Division

Our customers are individuals who have wage income and/or investment income

Use a leverage approach to taxpayer assistance Work with organizations that share a

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

Who Are We?

Our community based partnership model has three components:

Tax awareness and education Free tax preparation assistance Financial education and asset building

Why are we here?

Identification of problems with student loan application process

Provide Financial Aid Administrators with assistance and 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

Volunteer Income Tax Assistance (VITA)

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

Programs Offers free tax help VITA volunteers prepare basic returns:

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

Link & LearnLink and Learn Taxes is an e-learning course designed

specifically for volunteers. It provides uniform training and a consistent quality message to each

volunteer.

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)

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.

Why does your school need a VITA site?

Tax Filing Season – January 1-April 15, 2010 Help students and/or families complete tax

returns and FAFSA application Ensure accuracy of the information on return. Completed FAFSA Application submitted by

deadline June 30, 2010

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

Q & A

Carol Quiller, Senior Tax Analyst

Carol.quiller@irs.gov

(404) 338-8091