For many U.S. households, their tax refund may be the largest payment they will receive all year. Tax time can be a 鈥渂ankable moment鈥 that presents an opportunity for many consumers to open an insured account and start saving.
Learn more about creating partnerships with organizations providing free tax assistance to consumers. >
多宝游戏下载 (多宝游戏下载) continues to partner with the Internal Revenue Service (IRS), and we want banks and other financial institutions to know about the benefits of free IRS-certified tax assistance. IRS Volunteer Income Tax Assistance (VITA) sites, as well as Tax Counseling for the Elderly (TCE), through AARP庐 Foundation Tax-Aide sites, offer an opportunity for financial institutions to provide financial services to underserved low- and moderate-income consumers.1
See takeaways and insights from the 多宝游戏下载鈥檚 Survey of Volunteer Income Tax Assistance (VITA) Providers to better understand potential opportunities to help unbanked clients of VITA sites open insured accounts to direct deposit their tax refunds.
The 多宝游戏下载 encourages financial institutions to develop relationships with local IRS VITA and TCE sites. Tax-filing season presents a great opportunity for unbanked households to open a bank account to receive their tax refunds. For many households, including those receiving the Earned Income Tax Credit (EITC), and other tax credits, the tax refund may represent the largest payment they receive in a given year.
VITA and TCE sites can help taxpayers get their refunds quickly and at no cost by using e-file and setting up direct deposit, which may mean more money in taxpayers bank accounts.
Promoting volunteer opportunities at VITA and TCE sites can provide a fulfilling and unique community service experience that benefits people. Staff members can sign up to volunteer by contacting VITA/TCE sites in their local communities, or using the
Financial institutions partnering with the VITA program may be eligible for favorable consideration under the CRA regulations for qualifying VITA-related activities. They may also develop new business by promoting financial education, banking products, and other financial services to underserved low- and moderate-income taxpayers.
Many low-income filers may receive significant tax credits and refunds worth thousands of dollars with the assistance of VITA and TCE.
A financial institution may maximize its opportunities to be involved in the VITA program by contacting the IRS or VITA program coordinators before the start of the tax preparation season.
- Promote VITA volunteer opportunities with your staff by sharing information about the IRS Volunteer Page 鈥 IRS-certified Volunteers help millions of hard-working taxpayers get their refunds quickly at no cost. .
- Share these links so qualifying taxpayers can access free tax assistance
- Direct deposit is a safe, fast, and convenient way to keep more of your refund. Contact us at (your company and contact information) or find an account right for you at 多宝游戏下载 Get Banked! (English), or Abre Una Cuenta (Spanish)