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Collaborative Initiative for Enhancing Financial Stability of Low-Income Families

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The CES Multi-State Initiative aims to increase financial benefits for low-to-moderate income families through collaborative efforts in tax preparation and financial literacy. This initiative provides free income tax preparation assistance, outreach programs, and financial education to help families maximize their Earned Income Tax Credit (EITC) refunds. Key partners include USDA, Cooperative Extension Services, and community organizations, focusing on both rural and urban America to enhance self-sufficiency and stimulate local economies.

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Collaborative Initiative for Enhancing Financial Stability of Low-Income Families

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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

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