The NCUA has reminded credit unions that the Internal Revenue Service has made more than $12 million available in grants for credit unions and other institutions to use in income tax preparation programs for the elderly and underserved.
The grants pertain to the IRS Volunteer Income Tax Assistance and the Tax Counseling for the Elderly programs.
IRS VITA grants provide funding to qualified nonprofit organizations, including credit unions, enabling them to offer free tax-preparation for underserved people in hard-to-reach areas, NCUA observed. Related TCE grants fund free tax preparation and counseling services for individuals 60 and over. The TCE program also funds training and technical assistance for volunteers who provide free Federal income tax preparation assistance in elderly communities.
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"By providing free tax preparation in hard-to-reach areas, credit unions offer a vital community service that helps low-income workers receive full credit for their hard-earned dollars," said NCUA Chairman Debbie Matz. "I strongly encourage qualified credit unions to apply for VITA grants from IRS as well as from NCUA. The more credit unions provide this service to underserved taxpayers, the greater the likelihood that low-income families can build a solid financial foundation for their future."
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