REI Tour 2011 Filing Season Webinar January 27, 2011
Jan 18, 2016
REI Tour2011 Filing Season Webinar
January 27, 2011
2010 Accomplishments
Thank you for your service to the American taxpayers!!
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VITA/TCE Successes
2010 Tax Prep Results
• Returns prepared 3,085,512 (up 1.24%)
• E-filed returns 2,827,413 (up 2.0%)
• E-file rate is 94.2% (up 1.1%)
• Total Refunds $3.5 Billion (up 14.6%)
• Direct Deposit returns up 5.1%
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Global Statistics for VITA/TCE
2010 Quality Results• QSS Return Reviews
• Planned 855 Completed 745 • SPEC Accuracy rate 84%
• QSS Site Reviews• Planned 285 Completed 263• Adherence to QSR 60%
• TIGTA Shopping Reviews • Planned 36 Completed 36• Correct Return rate 90%
FS 2011 Filing Season
SPEC Cornerstones
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• Cornerstones for 2011 Filing Season– Improve Taxpayer Experience
• Complete State Only Returns
• Provide Additional Filing Options
– Reduce Volunteer Burden• Limit Overall Administrative Burden
• Increase Interaction with TaxWise
– Increase Overall Accuracy of All Returns Completed
FS 2011 Filing Season
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FS 2011 Filing Season
• Cornerstones for Accurate Returns– Complete In-depth Intake and Interview
Process• Use Form 13614-C
• Interaction with Taxpayer Key
– Complete Thorough Quality Review• Use Form 13614-C
• Second Set of “Eyes” and “Ears”
– Be Diligent About Scope Issues• No Returns Beyond Training
FS 2011 Filing Season
Hot Topics for SPEC
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FS 2011 Filing Season
• Hot Topics for SPEC– Financial Education and Asset Building
• Savings Bonds
• Prepaid Cards
• Tax Time Account Pilot
– Removal of Debt Indicator• Capacity Impact
• Impact on Clients
– Return Preparer Strategy• No Impact on TCE and VITA
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FS 2011 Filing Season
• Hot Topics for SPEC– Schedule C Pilot
• Selected Sites
• Expense Limitation to $25,000
• No Employees, Inventory
• No Net Operating Losses
– Schedule C Limit Expanded to $10,000 For All Sites• Use Schedule C Instead of Schedule C-EZ
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FS 2011 Filing Season
• Hot Topics for SPEC– Late Tax Law Changes
• Retroactive Tax Law Changes
– State and local sales tax deduction
– Higher education tuition deduction – Educator’s expense deduction
• Tax Law Extensions
– $1,000 Child Tax Credit (through 2012)
– American Opportunity Tax Credit (2012) Residential Energy Property Tax Credit through 2011 with Limitations
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FS 2011 Filing Season
• Hot Topics for SPEC– Late Tax Law Changes
• Processing Delay to Mid-February
– Schedule A
– Educator Expense Deductions
• Filing Alternatives
– Request Taxpayer’s With Impacted Items to Return in Mid-February
– Prepare Return, TP Sign 8879, Provide TP with Copy and Hold Return Until Processing Allowed
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• Hot Topics for SPEC– Modernized E-file
• IRS Improving Filing Platform
• Implemented In Stages
• Faster Acknowledgements
• Creation of Submission Processing ID Instead of DCN
– National EITC Awareness Day – Friday January 28th
FS 2011 Filing Season
Thank you. You make a difference!