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Monmouth’s VITA program helps boost local economy
Release Date: June
12, 2008
For many individuals, tax season is certainly taxing. The stressful
time of meeting the April 15 deadline is often magnified by a failure to
find the exact information that the taxpayer needs to file correctly.
Since its inception in 2000, Monmouth College’s Volunteer Income Tax
Assistance (VITA) program has been doing its best to make tax season a
kinder, gentler time, not to mention a more profitable one. For
starters, VITA does not charge for its services, and it prepared 451
free returns this year, a 9 percent increase from its record total last
year. Those returns pumped $376,000 in tax refunds back into the local
economy, and an additional $42,180 was saved in tax preparation funds.
But the popular service also relieves stress through its people. In
its annual satisfaction survey, which drew results from 235 taxpayers,
the Monmouth program scored its highest marks in the area of customer
courtesy, as 94 percent of the respondents gave their volunteer the
highest possible marks. One hundred percent of the respondents said they
would use the program again and would recommend it to a friend needing
assistance. The latter number is consistent with the survey’s results
for how individuals learned about VITA, as "word of mouth" scored
highest, followed by previous use and newspaper coverage.
"Everyone was polite and very kind," wrote one client. "I really
appreciate the help."
"This is a very good thing," wrote another. "The girl who did ours
was very friendly and explained everything."
Monmouth College accounting professor Judy Peterson, who has
coordinated the program since its inception, added that the survey
showed that "the majority of our constituents earn less than $32,000,
and those folks are the ones we are trying to target."
The constituents span the spectrum in age, with nearly one-fourth
being younger than 25 and another quarter being 60 or older.
VITA is a win-win proposition, because it not only assists area
taxpayers, but also provides valuable experience for the students who
volunteer.
Those 23 students were also surveyed, and they gave high marks for
the program’s classroom portion, which this year counted toward the
college’s Citizenship requirement.
"I am pleased with those results, given the Citizenship course’s
pilot status this year," said Peterson. "It was better than expected. I
would like to work on ways to more thoroughly evaluate students on their
readings in the course."
The students clearly enjoy and benefit from the other portion of the
course, the hands-on tax preparing experience.
"One reason for having the students do seven sessions is so that they
do have the opportunity to experience as many issues as possible," said
Peterson. "For the last two years, I ensured that each students
experienced the exhilaration of the first two weeks of tax sessions at
least once. It is an extraordinary experience for them."
MC’s VITA students to be part of
Super Saturday
Release Date: March 19, 2008
MONMOUTH, Ill. — The Internal Revenue
Service has designated March 29 as Super Saturday in order to raise
awareness about the economic stimulus payment that many Americans will
receive starting in May.
Monmouth College’s Volunteer Income Tax Assistance (VITA) students will
participate in the event, providing free tax assistance at two locations
that day. They will be at the Galesburg Public Library, 40 E. Simmons
St., from 9-11:30 a.m. and at the Warren County Public Library, 60
Public Square, Monmouth, from 1 to 4 p.m.
In addition to March 29, VITA students will staff the library locations
on April 5 and 12 at the same times. Free tax preparation sessions will
also be available March 19 and 26 and April 2, 7, 9 and 14, from 4-7
p.m. at Monmouth College’s McMichael Academic Hall, Room 308.
In order to receive the stimulus payment, taxpayers must file a 2007 tax
return with a valid Social Security number that indicates at least
$3,000 of at least one of the following: 1) earned income; 2) Social
Security benefits; 3) certain veterans benefits; 4) nontaxable combat
pay.
"For those of you who normally would not need to file, but meet one of
the criteria above to receive the stimulus payment, the Monmouth College
VITA students have been instructed how to prepare your 2007 tax return,"
said accounting professor Judy Peterson, who coordinates the program at
Monmouth. "If you indicate bank checking or savings information on this
return, your stimulus payment will be direct deposited to that account.
Otherwise, you will receive a check. In most cases, the payment will
equal the amount of tax liability on the tax return, with a minimum of
$300 and a maximum of $600 for individual filers and a minimum of $600
and a maximum of $1,200 maximum for joint filers."
For those who have adjusted gross incomes above $75,000 for individual
filers and $150,000 for joint filers, the payment will be phased out.
Also, those who have a qualifying child will be eligible for an
additional $300 per child. Dependents are not eligible for the stimulus
payment.
In other VITA news, Peterson said her students are available if a
retirement home or assisted living facility would like them to come on
site to help seniors prepare their 2007 return. To schedule such an
appointment, contact Peterson at 309-457-2365.
Beginning Feb. 2, MC students
to offer free tax preparation
Release Date:
January 15, 2008
MONMOUTH, Ill. —
For the ninth consecutive year, Monmouth College is offering
computerized tax preparation and e-filing at no cost to the taxpayer.
This service is provided in cooperation with the Internal Revenue
Service’s Volunteer Income Tax Assistance (VITA) Program.
MC accounting professor Judy Peterson, coordinator of the college’s
program, said that the program has a two-fold purpose: "service and
education for the community, and citizenship and education for the
students."
The service is aimed primarily at low- to middle-income taxpayers,
generally with an income of $40,000 or less, who cannot afford
professional assistance in the preparation of their return. All ages of
taxpayers are served, from students through retirees.
"Everyone who comes to the site is strongly encouraged to e-file,"
said Peterson, who reported that the first date that VITA will be in
session is Feb. 2. "Taxpayers can expect quicker response to their
filings, and the IRS can reduce its processing costs."
Tax preparation is on a first-come, first-served basis at three
locations: Monmouth College (Room 308 of McMichael Academic
– one building east
of the college’s main building, Wallace Hall); the Warren County Public
Library (60 Public Square, Monmouth); and the Galesburg Public Library
(40 E. Simmons Street). The library locations are available on Saturdays
only, from 9 to 11:30 a.m. in Galesburg and from 1 to 4 p.m. in
Monmouth.
At Monmouth College, VITA personnel will be available Mondays and
Wednesdays from 4 to 7 p.m., starting Feb. 4. For the first two weeks,
the college site will also be open on Thursday from 4 to 7 p.m. VITA
will not be in session during the college’s spring and Easter breaks.
The final day of service will be April 14 on the college campus.
"If individuals have a disability that prevents them from climbing
stairs, they should visit the library locations, which are wheelchair
accessible," said Peterson.
The 25 Monmouth students enrolled in the program will be completing
IRS certification requirements in January after attending workshops to
study new tax laws and to orient them to the commercial software and
internal control processes used. Three upper-level accounting students
who have accompanied Peterson for training will assist her in
coordinating the program. They are seniors Jennifer Carter of
Marseilles, Katrina Anderson of Dow and Kelly Compton of Oneida.
Peterson is excited that 17 of her VITA students are enrolled in a
senior capstone course called "Taxes and the Citizenry" course, which
fulfills a new citizenship requirement in the college’s curriculum.
"Students in this course, besides participating in VITA, will be
researching and discussing tax policy issues and submitting a paper, as
well as giving an oral presentation," said Peterson, who gave a
presentation on her new course last fall at a national accounting
education colloquium in Arizona. "I don’t see many colleges and
universities even having a VITA program, and to have it integrated in
this manner with policy issues is truly one of a kind."
Another new feature of Monmouth’s VITA program is that a Spanish
interpreter will be available on certain dates. The VITA program will
also be able to help individuals who do not have a Social Security
Number, but need to file a tax return. They will be instructed on
preparing Form W7 to obtain an individual tax identification number
(ITIN). The form can be prepared and submitted with the individual’s tax
return.
"There are not many changes that will affect the individual taxpayer
this year," added Peterson. "There are the typical increases in standard
deductions, exemptions, tax brackets and earned income credit amounts to
account for the effects of inflation. A new item for this year is that
the IRS will no longer be using the signature document, Form 8453, for
e-filing. E-filers will now be using PIN numbers to electronically sign
their returns. Taxpayers, however, will still need to sign Form 8879, so
from their point of view, not much has changed."
Last year, Monmouth’s VITA program prepared or assisted with 414
federal and 414 state returns. This represented a 24 percent increase
over the previous year. E-filed returns increased by 15 percent. Since
the computerized service began in 2000, the program has experienced an
increase of nearly 350 percent for returns prepared/assisted and an
increase of nearly 700 percent for e-filed returns.
"On a scale of 1 to 5, taxpayers rated their overall satisfaction as
4.90, and 100 percent of the taxpayers said they would use our services
again and also recommend a friend," said Peterson. "We are certainly
pleased with the success of this program and the value to both the
students and the surrounding communities."
For persons seeking a Spanish interpreter, one will be available on
the following dates: Feb. 6, 13, 20, 27 and April 2 at the MC location;
and Feb. 9, and 23 and March 1 at the Warren County Public Library
location.
In order to receive income tax assistance, individuals need to bring
several items, including Social Security cards for each person listed on
the return, all documentation on income (such as W-2s and 1099s) and
last year’s return.
For questions regarding this service, call Peterson at 309-457-2365
or visit the VITA Web site at department.monm.edu/accounting/vita.htm.
The complete list of items that taxpayers need to bring and other useful
information is available there.
Tax specialist to speak at Monmouth College
Release Date:
January 11, 2008
MONMOUTH, Ill. —
Hector Santos, a tax specialist from the Internal Revenue Service, will
present a free seminar at Monmouth College on Jan. 21 at 6 p.m. in Room
308 of McMichael Academic Hall.
Of particular interest to members of the Hispanic community and other
workers not eligible to obtain a Social Security Number, the talk will
focus on issues relating to obtaining an Individual Tax Identification
Number (ITIN) and responsibilities for filing a tax return. Santos, who
is based in Chicago, will also discuss federal tax compliance education
regarding taxpayer rights, responsibilities and benefits.
Santos, who is fluent in both Spanish and English, has been working
with tax compliance education and ITIN issues since 1996. Together with
the Center for Economic Progress, he has conducted more than 100 tax
assistance outreaches at churches, schools, banks, community centers and
the Mexican Consulate throughout the Chicago area and also in Rockford,
Springfield and the Quad Cities.
"My Volunteer Income Tax Assistance (VITA) students will be attending
Hector’s presentation, but many in the community may find the
presentation helpful and enlightening," said MC accounting professor
Judy Peterson.
Monmouth’s VITA program delivers many
‘happy returns’
Release Date:
May 10, 2007
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Monmouth College senior Lee Rometti receives her VITA
participation certificate from accounting professor Judy Peterson. |
MONMOUTH, Ill. — Monmouth
College’s Volunteer Income Tax Assistance (VITA) program continues to
grow, according to numbers recorded by accounting professor Judy
Peterson, who coordinates the local program.
From a modest start of 94 returns in 2000, VITA
helped prepare 414 returns this year, up 81 from a year ago. And, as has
been the case throughout the program’s eight-year history, there were
many "happy returns," as 100 percent of 237 surveyed taxpayers said they
would use the service again and would recommend it to a friend seeking
tax assistance.
"We have never received below 100 percent for
those two items," said Peterson, who added "the majority of our
constituents earn less than $32,000, and those folks are the ones we are
trying to target."
Wrote one survey participant, "Thanks for all
the time and effort you put into the program. It’s such a wonderful way
to give back to the community. I hope someday I will have such an
opportunity to give back to others."
The program certainly gives back to the
community. From e-files alone, the Internal Revenue Service documented
that the program’s three sites returned more than $328,000 in tax
refunds to the community. An additional $38,000 was saved in tax
preparation funds. Peterson noted that refunds from paper returns were
not included in the total, nor were state refunds. With those figures
added, the total number of dollars refunded through VITA exceeds half a
million.
Besides having a profound impact on Warren and
Knox County residents, VITA also serves as a key component of the
educational process for Peterson’s students.
"I loved the whole VITA process," wrote one
student on her course evaluation. "I like how I had a direct, positive
impact on people. It was also a great experience in a professional
environment."
Wrote another, "This course is one of my
favorite classes out of my college education. I learned and retained
more from my VITA experience than any other."
Nineteen of Peterson’s 20 students completed the
evaluation, and all were in agreement that the course enhanced their
understanding of individual taxes and required them to be an effective
communicator. They were also unanimous in ranking the course at the
maximum level for overall quality.
"When I took the preparation class this year, I
was surprised at how much I remembered from last year," said Lee
Rometti, a senior from East Peoria. "This shows that actually
participating in an activity allows us to more easily recall it later. I
have also found that employers love seeing ‘VITA’ on a résumé. In all my
interviews, I have discussed my VITA experience, and interviewers have
told me that this shows great qualities in a job candidate including
motivation, confidence and a will to go beyond what is required."
Besides current students, the VITA group also
included 2006 graduate Brian Siemers, who volunteered to help every
Saturday morning at the program’s new location in Galesburg. He logged
nearly 40 hours of volunteer service and recommends the experience to
all accounting students.
"VITA is a valuable program, and you use tools
that you’re going to use everyday in the workplace," said Siemers, who
lives in Galesburg and works for National City in Peoria.
When asked why he decided to help, he replied,
"I remember how helpful Judy and Frank (Gersich) were in my college
education and getting me through the accounting program. Number two, it
keeps me sharp for my job. It helps me understand where money is and how
it affects people."
Beginning Feb. 1, MC students to offer free tax
preparation
Release Date: January
22, 2007
MONMOUTH, Ill. — For the eighth consecutive year, Monmouth College is
offering computerized tax preparation and e-filing at no cost to the taxpayer.
This service is provided in cooperation with the Internal Revenue Service’s
(IRS) Volunteer Income Tax Assistance (VITA) Program under its Stakeholder
Partnership, Education and Communication (SPEC) Division.
more
Monmouth College VITA students received
an award from the Internal Revenue Service for their outstanding VITA
program.
Shown are (L) Judy Peterson, Program
Coordinator and Associate Professor of Accounting and (R) Sonja Jacobs of
the IRS.
MC accounting students gain experience while helping
taxpayers
Release Date:
May
25, 2006
 MONMOUTH, Ill -- The 2006 income tax season was considerably less stressful
for nearly 300 Monmouth-area families, thanks to the efforts of 11 Monmouth
College accounting students who assisted them in filing state and federal
returns through the Internal Revenue Service's Volunteer Income Tax Assistance
(VITA) program.
In this, the program's seventh year at Monmouth College, students prepared or
helped prepare a total of 670 returns, an increase of 24 percent over 2005.
Accounting professor Judy Peterson, who has coordinated the program since its
inception in 2000, explained that the free service is aimed primarily at low- to
middle-income taxpayers who cannot afford professional assistance.
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