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News Now

Washington
CU participants will find expanded VITA program
ALEXANDRIA, Va. (3/23/10)--The National Credit Union Administration (NCUA) on Monday announced that it will expand its participation in the Internal Revenue Service (IRS) Volunteer Income Tax Assistance (VITA) partnership program Credit union members that participated in credit union-based VITA tax prep programs received $20.9 million in tax refunds last year, according to the NCUA. A total of 541 credit unions participated in the VITA program in 2009, the NCUA added.
National Credit Union Administration (NCUA) Chairman Debbie Matz (center) welcomes Internal Revenue Service (IRS) Wage and Investment Commissioner Richard E. Byrd, Jr., (left) and IRS Stakeholder Partnerships, Education and Communication Director Julie Garcia, to the NCUA to discuss the IRS Volunteer Income Tax Assistance Program, in which credit unions participate. (NCUA Photo)
VITA is an IRS program that helps low- and moderate-income taxpayers complete their annual tax returns at no cost. Credit unions and community organizations receive IRS provided training in the preparation of basic tax returns and establishment of tax preparation sites. In a statement, NCUA Chairman Debbie Matz strongly encouraged credit unions “to not only make full use of IRS initiatives such as the VITA program, but also to seek VITA grants and offer no-cost financial counseling and education to members.” “Credit unions are a reliable source of financial assistance and education for consumers, and VITA is a tangible complement to those efforts,” Matz added. Matz recently met with IRS Wage and Investment Commissioner Richard Byrd, Jr., and the NCUA and the IRS have pledged to increase their cooperation by collaborating to help low-income individuals “enhance their money management skills” and “meet their tax obligations.” The IRS hopes to “continue” its partnership with the NCUA, Byrd said. The NCUA will begin discussing the 2011 round of the VITA program in the near future, the release added.


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