When it comes to forming partnerships outside of the industry, credit unions are known for asking the hard questions and double-checking information, said one IRS official.
Debra Chandler, national credit union relationship manager and senior tax analyst with the IRS, works with the Volunteer Income Tax Assistance, program, which has partnerships with an estimated 541 credit unions. The IRS recently issued refresher guidance on the volunteer compensation rules after the agency received questions about the pay arrangement. Chandler said while she is not sure what specific queries were asked, she suspects some of VITA's newest partners such as the AARP had questions.
"Credit unions have always been in compliance. They're used to being regulated and want to do the right thing," Chandler said. "Credit unions are fact finders. They have been good about checking and double checking."
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Chandler said when the IRS conducts VITA training sessions from October to April each year there is a segment devoted to volunteer compensation rules. In addition to credit unions, the IRS works with more than 100 VITA partners including the United Way, Goodwill, Native American and Hispanic advocacy groups and historically Black colleges and universities.
The number of credit unions participating in VITA has grown from 64 in 2004 to 541 this year, according to IRS data.
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