Agency urges credit unions to participate in tax assistance program, notes tax credit availability for members

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, the federal credit union regulator said Wednesday.

In its letter to credit unions (LTCU) 21-CU-12, the National Credit Union Administration (NCUA) 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.

NCUA Letter to CUs 21-CU-12: Internal Revenue Service’s Volunteer Income Tax Assistance Program Collaboration Opportunities