Accounting and finance college students will provide no cost tax prep

For a fifth yr, college students pursuing accounting and finance levels in the College of North Georgia’s (UNG) Mike Cottrell Faculty of Enterprise (MCCB) will develop their tax preparation competencies and help the bordering communities as part of the Volunteer Revenue Tax Support (VITA) application sponsored by the IRS.  The system served above 100 taxpayers in the 2019 filing season.

The totally free tax preparation products and services are open by appointment only from 5-7 p.m. Tuesdays and Thursdays from Feb. 2 by means of March 2 in room 011 of Newton Oakes on UNG’s Dahlonega Campus. For the in-man or woman appointments, participants ought to adhere to UNG’s demands to have on a mask inside of all university properties and practice social distancing.

Appointments can be scheduled by leaving a concept for Lisa Nash, lecturer of accounting at UNG and a CPA, at 706-867-3082.

The IRS supplies a record of “what to provide” to a VITA website so taxpayers can be prepared for their appointment. Nash will also discuss individuals merchandise when scheduling the appointment.

Thanks to the COVID-19 pandemic, Nash said the filing time for 2020 taxes will be a challenge for taxpayers as they navigate the a lot of tax law improvements enacted to supply aid.

“The variations have an effect on all parts of the particular person return: revenue, deductions and tax credits. The Recovery Rebate Credit history demands taxpayers to reconcile their economic impact stimulus payments on their 2020 tax return to be certain they obtained the maximum stimulus quantity,” Nash explained. “The mission of the VITA application is to assist tax filers navigate the variations and file exact returns.”

VITA offers free tax providers to folks who frequently make $57,000 or fewer. Pupils put together 1040 forms with schedules A, B, C-EZ, and D, alongside with basic tax credits. Federal and state returns are prepared for free while taxpayers are present. Nash opinions all returns with the taxpayers before she data files them electronically with immediate deposit available, if preferred. The IRS will begin accepting e-submitted returns on Feb. 12, so returns well prepared in between Feb. 2 and Feb. 12 will be submitted on Feb. 12.

“The VITA program features students a excellent hands-on encounter serving our group. Students get many new competencies when having aspect in the VITA plan, which include rising their technical tax techniques as a result of preparing tax returns, discovering how to interact with clientele, and mastering how to obtain comments on reviewed perform,” reported Dr. Ellen Most effective, division head of Accounting and Law and an affiliate professor at UNG. “Capabilities attained in VITA eventually serve to much better prepare our pupils to be prosperous in a specialist get the job done environment.”

The college students, under Nash’s way, are licensed by tests through the IRS.

“It is a genuinely very good option presented the reality that a good deal of internships are closing down since of COVID,” explained Rachel Bryant, a senior from Carrollton, Georgia. “I’m wanting forward to carrying out additional for the local community.”

Kenneth LaMore, a senior from Hiawassee, Georgia, is keen to gain this encounter.

“It is really amazing to have the prospect to enable folks with their taxes,” LaMore reported. “It also gives me a likelihood to master a small bit far more about how to do taxes for an particular person, how to communicate to them. It aids you see what it would be like to do this on a day-to-day basis.”

In addition to a bachelor’s diploma in accounting made available on UNG’s Dahlonega and Gainesville campuses, UNG also presents a Master of Accountancy. Get in touch with Best for additional information and facts at [email protected].