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