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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!