Partner Organizations, Training and Correspondence (SPEC).


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Partner Organizations, Training and Correspondence (SPEC) Banding together to Manufacture Genuine Monetary Effect for Americans with Inabilities CFED September 11, 2008
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Partner Partnerships, Education and Communication (SPEC) Partnering to Build Real Economic Impact for Americans with Disabilities CFED September 11, 2008

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“To help citizens in building so as to fulfill their assessment obligations and keeping up associations with key partners , informing so as to try to make and offer worth, instructing, and corresponding with our mutual customers.” SPEC Mission Statement

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What is SPEC? Effort and Education capacity of IRS Wage & Investment Division Individual Income Taxes Administer the VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) programs

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SPEC Key Customers Low to Moderate Income (<$40,000) Older Americans (>60 years old) Limited English Proficient (LEP) Native Americans People with Disabilities

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Community Based Partnership Awareness and Education Tax Preparation Awareness and Education Community-Based Partnership Asset Building

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Media Employers Non-benefits Social Service Agencies Awareness and Education Outreach and Education

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Outreach Accomplishments (People with Disabilities) Included pamphlets; blurbs; media occasions; radio/TV advancements; press discharges; Mayors declarations unique occasion days; duty barrages; and bulletins. 2006 - 342,554 effort in 30 urban areas 2007 - 1,001,042 effort in 54 urban areas 2008 - 2,016,165 effort in 62 urban communities

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What is the Earned Income Tax Credit (EITC)? The biggest government help project profiting working people and families: EITC is more or less equivalent to Temporary Assistance for Needy Families (TANF) and Food Stamp Programs joined (altogether dollars) Ten times the Community\'s span Development Block Grant (CDBG) program $43 billion paid out in 2007 to more than 22 million Individuals and Families

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EITC Statistics EITC is the best hostile to neediness device for working people and families: Lifts more than 5 million people out of destitution every year, including 2.6 million youngsters Unfortunately, contemplates (Brookings, GAO) demonstrate that up to 25% don\'t assert the EITC leaving Billions of dollars unclaimed every year

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EITC for 2007 The greatest measure of EITC is: $4,716 in the event that you have more than one qualifying tyke $2,853 on the off chance that you make them qualify tyke $428 on the off chance that you don\'t have a qualifying tyke

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Impact of EITC on Benefits Not considered vocation wage Generally EITC not considered assets amid the month got & the next month excluded as pay for deciding qualification for other elected open advantages

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Tax Preparation Free Tax Preparation Volunteer Tax Prep Sites Electronic Filing Earned Income Tax Credit Child Tax Credit Free Tax Preparation Volunteer Income Tax Sites

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Free Tax Preparation Total Volunteer Prepared Returns - 3,247,298 Refunds surpassing $3 Billion 2,877,863 Electronically Filed (88.6%) All Volunteers are IRS Certified 100% of Volunteer arranged returns are explored Free Tax Preparation spared approx. $650 Million in Tax Fees & Refund Anticipation Loans

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Free Tax Preparation ( People With Disabilities) Local Returns Refunds Year Cities Partners Prepared Received 2005 11 - 7,600 $6,840,000 2006 30 200 17,223 $15,300,000 2007 54 355 36,275 $32,647,000 2008 62 555 90,653 >$81,000,000

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Why Are Free Tax Preparation Services Important? Multifaceted nature of duty law Tax planning expenses disintegrate the estimation of discounts Must document in the event that they have earned salary to get discounts of credits and/or withholding Opportunity to connection to resource building methods

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Asset Building Individual Development Accts Home Ownership Program Savings/Checking Account Financial Literacy Training Financial Institutions Asset Building

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Disabilities and Poverty 33% Of grown-ups with incapacities live in family units with aggregate pay of <$15,000 contrasted with just 12% of those without handicaps 54% of individuals with inabilities have no investment accounts and 69% don\'t have a financial records 58% of individuals with inabilities are resource poor (don\'t have enough assets to inhabit the government neediness level for 3 months) Sources: 2004 N.O.D/Harris Poll & 2000 U.S. Populace Census

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Current Asset Building Strategies Financial Education Free Checking/Savings Accounts Free Tax Filing Assistance Debt and Credit Counseling Individual Development Accounts (IDAs) Home Ownership Programs Money Smart Program-FDIC

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IRS Hiring Initiative IRS Commissioner took proactive way to deal with enlisting individuals with inabilities Goals – Fiscal Year 2008 and 2009: 69 was objective in W&I, 195 procured as of June 30 71 is the objective for 2009… IRS – 2% of workforce will be a man with handicaps

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What Can You do to Help? Join Existing Coalition Efforts Become Part of The Disability Workgroup Take a Leadership Role Educate Clients Educate Employees Become a Free Tax Preparation Site Sponsor an IDA record program that offers coordinating trusts.

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Resources www.reitour.org (Real Economic Impact Tour) www.ndi-inc.org (NDI site) www.irs.gov (Keyword “disabilities” - IRS Partner page for those that work with individuals with inabilities) www.irs-eitc.info/(SPEC Toolkit for EITC) www.fdic.gov/customers/shopper/moneysmart (FDIC Money Smart) www.cbpp.org/eic2008 (Center on Budget and Policy Priorities site and Access to EITC Toolkit)

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Richard Keeling – Senior Tax Analyst Internal Revenue Service 401 West Peachtree Street NW STOP-WI-50 Atlanta, GA 30308 404-338-8814 Richard.Keeling@irs.gov www.irs.gov (Keyword “Community Network”) Contact Informati

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