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CES Multi-State Initiative. Introduction: Collaborative effort to increase benefits obtained by low-to-moderate income families. CES Multi-State Initiative. Methods for increasing benefits Free income tax preparation assistance Outreach Financial literacy programs Location of programs

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CES Multi-State Initiative


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    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 • IRS:SPEC (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@irs.gov