Monmouth College will offer computerized tax preparation and e-filing, beginning Feb. 2. This service is provided in cooperation with the Internal Revenue Service’s Volunteer Income Tax Assistance (VITA) program.

This is the tenth consecutive year that Monmouth students have participated in the program, which is aimed primarily at low- to middle-income taxpayers with an income of $40,000 or less. All ages of taxpayers are served, from students through retirees.

MC accounting professor Judy Peterson, co-coordinator of the college’s program, said that it has a two-fold purpose – “service and education for the community, and citizenship and education for the students.”

Tax preparation is offered 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 volunteers will be available Mondays and Wednesdays from 4 to 7 p.m., starting Feb. 2. 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 15 on the college campus.

“Everyone who comes to the site is strongly encouraged to e-file,” said Peterson. “Taxpayers can expect quicker response to their filings, and the IRS can reduce its processing costs.”

Patrick Montgomery, who joined the accounting department faculty last fall, will share the coordinating duties with Peterson.

“He comes highly qualified, as he started a successful VITA program at his previous institution,” said Peterson.

Two upper-level accounting students, seniors Kari Sippel of Peoria and Justine Woiwode of Pekin, accompanied Peterson and Montgomery last month for training at the Internal Revenue Service in Springfield and will be assisting in the coordination of the program.

The 28 Monmouth students enrolled in the program will be completing IRS certification requirements this month after attending workshops to study new tax laws and to orient them to the commercial software and internal control processes used.

Peterson is excited about the success of the college’s new citizenship course “Taxes and the Citizenry,” which debuted last spring. It incorporates the tax preparation program, and 19 of the 28 VITA students are enrolled in the course this spring. Besides participating in VITA, students will research and discuss tax policy issues and submit a paper as well as give an oral presentation.

“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,” she said.

Last year Monmouth’s VITA program prepared or assisted with 450 federal and 448 state returns. This represented a 9 percent increase over the previous year. E-filed returns increased by 14 percent over the previous year. Since the computerized service began in 2000, the program has experienced an increase of nearly 400 percent for prepared returns and an increase of nearly 800 percent for e-filed returns. On a scale of 1 to 5, last year’s taxpayers rated their overall satisfaction as 4.89, and 100 percent of the taxpayers said they would use the college service again and also recommend it to a friend.

“What is new for this year is the real estate tax deduction, even if you are not itemizing,” said Peterson. “It is equal to the amount of real estate taxes paid up to $500 for single filers and $1,000 for joint filers. It is considered an additional standard deduction. Another new item is the First-Time Homebuyers Tax Credit. This is a refundable credit equal to 10 percent of the purchase of a home (up to $7,500) for first-time homebuyers.”

However, she noted, taxpayers receiving this tax credit will be required to repay any amount received under this new law back to the government over 15 years, in equal installments.

Peterson also provided information on the Recovery Rebate Credit last year, also known as the Economic Stimulus Payment (ESP). Most taxpayers qualified for it last year but, “If you did not receive the payment, or did not receive the full amount, you may qualify based on this year’s income and personal circumstances. All taxpayers who file this year must know the amount of ESP they received in 2008 in order to properly calculate the credit.”

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.
 

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."

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.

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.

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.

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Monmouth’s VITA program delivers many ‘happy returns’

Release Date: May 10, 2007

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."

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.
 

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./p>

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.  more