The NCUA and IRS are encouraging credit unions to participate in the Volunteer Income Tax Assistance program, which provides education for consumers on refundable credits, such as the earned income tax credit and the child tax credit. The refundable federal tax credits can provide thousands of dollars to working individuals and families with low to moderate incomes, according to the agencies.
In addition to boosting awareness of refundable tax credits, benefits for credit unions participating in the VITA program include:
- potential to attract new members;
- asset and wealth building opportunities for members;
- greater financial education and financial stability among members;
- opportunities to partner with other community-based organizations;
- increased membership benefit offerings and potential increased membership loyalty;
- continuing professional education credits for qualified vita-trained volunteers; and
- free income tax preparation software or online access for credit unions and their members.
Resources, more information about the program and links to participate are available on the NCUA’s website. The registration deadline is Nov. 15.
Credit unions can also access the NCUA’s consumer website, MyCreditUnion.gov, to help educate members on various financial education and consumer financial protection issues, including IRS tax programs.