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CES MultiState Initiative

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IRS:SPEC (Stakeholder Partnerships, Education & Communication) Community ... Stop 52-WI. Atlanta, GA 30308. Office: 404-338-7174. E-Mail: robin.taylor_at_irs.gov ... – PowerPoint PPT presentation

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Title: CES MultiState Initiative


1
CES Multi-State Initiative
  • Introduction
  • Collaborative effort to increase benefits
    obtained by low-to-moderate income families

2
CES Multi-State Initiative
  • Methods for increasing benefits
  • Free income tax preparation assistance
  • Outreach
  • Financial literacy programs
  • Location of programs
  • Rural America
  • Urban America

3
Objectives of Initiative
  • Increase the number of low-income working
    families who use free tax prep
  • Increase the number of EITC (Earned Income Tax
    Credit) eligible claimants

4
Objectives of Initiative
  • Maximize the value of tax refunds for EITC
    eligible families
  • Link EITC recipients to Cooperative Extension
    financial education and asset building programs

5
CES Multi-State Initiative
  • Key Partners
  • CSREES-USDA
  • Cooperative Extension Service
  • Center on Budget Policy Priorities
  • IRSSPEC (Stakeholder Partnerships, Education
    Communication)
  • Community Based organizations

6
Community Based Partnerships
AssetBuilding
Awareness and Education
Awareness and Education
Community- Based Organizations
Tax Preparation
7
Definition of Terms
  • Earned Income Tax Credit (EITC)
  • Federal Tax Benefit to help low to moderate
    income workers and families increase their
    financial stability
  • Reduces Taxes for workers
  • Supplements wages
  • Makes work more attractive than welfare
  • Fully refundable credit

8
EITC Income LimitsTax Year 2006
  • 36,348 (38,348 MFJ) with two or more qualifying
    children
  • 32,001 (34,001 MFJ) with one qualifying child
  • 12,120 (14,120 MFJ) with no qualifying children

9
EITC Maximum CreditTax Year 2006
  • 4,536 with two or more qualifying children
  • 2,747 with one qualifying child
  • 412 with no qualifying children

10
EITC Impact TY2005
  • Nationally
  • 22 million EITC returns
  • 41.4 billion in EITC

11
Definition of Terms
  • Child Tax Credit
  • Federal Tax Credit worth up to 1,000 for each
    qualifying child under age 17

12
Definition of Terms
  • Split Refund
  • Taxpayers can now split their refunds among up
    to three checking or savings accounts, with up to
    three different financial institutions
  • Telephone Excise Tax Refund (TETR)
  • A one-time payment available on your 2006
    federal income tax return, designed to refund
    previously collected long-distance federal excise
    taxes

13
Benefits
  • Helps move families toward self-sufficiency
  • Linking free tax prep EITC refunds to financial
    education other asset building opportunities
  • Natural Link to America Saves campaigns
  • Link to Split Refunds

14
Benefits
  • Potential to help bring millions of dollars in
    EITC refunds into your community
  • Help stimulate the local economy

15
What can CES Contribute?
  • Join existing community based coalitions
  • Key leadership in developing new coalitions in
    underserved areas of Rural America

16
What can CES Contribute?
  • Market VITA sites of existing coalitions 2007
    Filing Season
  • Provide financial education to refund recipients

17
IRS-SPEC Contributions
  • Tax law expertise
  • Access to local coalitions
  • Free software for tax preparation
  • Training materials
  • Data on EITC statistics
  • Marketing products and materials
  • Technical assistance

18
Accountability issues
  • Measuring Impact
  • Reporting on activities timely
  • Establish National Leadership Team
  • Develop Marketing Plan increase participation
  • Develop Evaluation Plan measure impact
  • Establish Best Practices

19
Contact Info
  • Robin Taylor
  • Senior Tax Analyst
  • Education Government Partnerships
  • 401 W. Peachtree Street NW
  • Stop 52-WI
  • Atlanta, GA 30308
  • Office 404-338-7174
  • E-Mail robin.taylor_at_irs.gov
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