(Nov. 5, 2021) Credit unions are encouraged to participate in the free program that helps members address their federal income taxes; credit unions have until Nov. 15 to contact the IRS about their interest in participating, NCUA said this week.
In its letter to credit unions (LTCU) 21-CU-12, the agency said the IRS Volunteer Income Tax Assistance (VITA) program provides education for consumers on refundable credits, including the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). The agency noted that the refundable federal tax credits can provide thousands of dollars to working individuals and families with low to moderate incomes.
The letter outlines the benefits of participating in the VITA program (which NCUA described as potential for attracting new members, asset- and wealth-building opportunities for members and greater financial education and financial stability for members, among other things), and lists the ways credit unions may participate, and methods for doing so.
NASCUS has posted a summary of the letter (available to members only).