The EITC Initiative Continues to Grow

The most recent highlights for the tax year 2006 (filing season January- April 2007) have been announced.  When compared to the past highlights, it is easy to see how the VACAP EITC Initiative continues to grow and provide valuable income back to the community.

Highlights for tax year 2006 (filing season January- April 2007):

• 22 coalitions, over 860 volunteers
• 11,223 federal returns, 2,927 EITC approved (26.08%)
• $10,652,075 total federal refunds
• $3,905,244 EITC refunds
• Over $2 million savings to taxpayer
• 9,633 state returns filed
• $1,625,535 in state refunds
  

Posted by Carolyn Spohrer at 2:16 PM - Categories: VITA

The Importance of the EITC to Urban Economies

Though most do not recognize it as an "urban" program, the Earned Income Tax Credit provides significant benefits to families in cities and suburbs and stimulates local economic activity. In this presentation to Congressional staff organized by Living Cities, Alan Berube examines what members can do to maximize the benefits of the EITC for lower-income families and communities in their districts.

Alan Berube is the Research Director for the Metropolitan Policy Program of The Brookings Institution.

Posted by Carolyn Spohrer at 2:11 PM - Categories: Press Releases

New Electronic PIN Signature Requirement Begins in 2008

The Internal Revenue Service will simplify the signature process for electronically filed individual income tax returns submitted by tax practitioners. The simplification eliminates the need for a paper signature document to be sent to the IRS in support of electronically filed tax returns.

Download a copy of the new form 8879

Posted by Carolyn Spohrer at 2:27 PM - Categories: Press Releases | VITA

RFP for EITC from Points of Light Foundation

Points of Light Foundation in partnership with the Volunteer Center National Network and sponsored by Capital One has issued a new funding opportunity. The new grant announcement, “Earned Income Tax Credit (EITC) and Asset Building Initiative”, is intended for 5-7 new Volunteer Centers. A Letter of Support from SPEC Territory Managers will be required to be submitted by all applicants. The Deadline for submitting the RFP is August 3, 2007. Submission instructions are included in the application and must be followed.

Visit Points of Light on the web.... 

Posted by Carolyn Spohrer at 2:33 PM - Categories: Conferences/Webinars

2006 Virginia Average Hourly Rate for Volunteers

How much are your volunteers worth? Priceless, of course! The Virginia Employment Commission announced that the 2006 Virginia average hourly value of volunteer time is $18.76/hr. Total EITC volunteer hours during the tax season was 25,159, for a total value of over $471,000.

Read the VEC Announcement....

Posted by Carolyn Spohrer at 2:44 PM - Categories: Press Releases

Tax Filing Season Equipment from the IRS

For those who would like to use Free IRS equipment, the IRS SPEC Office announced that it is once again time to begin placing orders for laptops and other equipment (printers and etc). The deadlines for placing orders for delivery in specified months are below:

This means, for example, that if you wished to receive your IRS laptops at some point in October, than your order must be placed into the system by September 1, 2007.

Posted by Carolyn Spohrer at 2:41 PM - Categories: VITA

Save the Date for the EITC Seminar

The Virginia Community Action Partnership is planning a day of learning and sharing! The annual EITC Seminar will be held on September 11, 2007 at the Crowne Plaza Downtown, Richmond, VA. Registration will be $30.00 and will include the seminar, lunch and parking. Overnight accommodations can be made by contacting the Crowne Plaza Downtown at 804.788.0900. The EITC Seminar agenda and registration are currently not available, but will be released soon.

Read the Announcement.... 

Posted by Carolyn Spohrer at 2:39 PM - Categories: Conferences/Webinars