REI Tour 2011 Filing Season Webinar January 27, 2011.

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Presentation transcript:

REI Tour 2011 Filing Season Webinar January 27, 2011

2010 Accomplishments Thank you for your service to the American taxpayers!!

3 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%

4 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

6 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

7 Cornerstones for Accurate Returns –Complete In-depth Intake and Interview Process Use Form C Interaction with Taxpayer Key –Complete Thorough Quality Review Use Form C Second Set of “Eyes” and “Ears” –Be Diligent About Scope Issues No Returns Beyond Training

FS 2011 Filing Season Hot Topics for SPEC

9 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

10 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

11 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

12 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

13 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!