Volunteer Income Tax Assistance Program Tax Preparer Training - Refresher Welcome and thanks 2018 TAX SEASON (TY 2017) United Way of Tucson and Southern Arizona

PROGRAM REVIEW

Tax Preparation Methods In-person Valet VITA preparation – preparers may be asked to help with interview Overflow TaxSlayer outages Complicated returns Free File (Self-preparation; remote or on-site) Overflow Out-of-scope returns

Other Services Available (see volunteer HANDBOOK) Prepaid Debit Cards – on-site A low-fee debit card for unbanked taxpayers who would like direct deposit of their refund Provides an alternative to check cashing businesses Can be used year-round SaveYourRefund Program – on-site An incentivized savings program Taxpayers can win cash prizes if they elect to split at least $50 of their federal refund into a savings account

Other Services – saveyourrefund (see volunteer HANDBOOK) Eligible taxpayers will: Be over 18 years of age Be eligible for a federal tax refund Use Form 8888 to split refund Save at least $50 into one of the following: Purchase/enrollment can be completed at a VITA site Savings Account and CDs IRA Savings Bond and Treasury Direct Prepaid Card myRA

No expenses totaling more than $25K No net loss No depreciation Schedule C Reminders No expenses totaling more than $25K No net loss No depreciation No employees No home office No inventory Cell phone eligible as business expense only if dedicated exclusively to business (i.e. client has second phone) No vehicle expenses other than mileage Meals not eligible

OOS Guidelines Reminder Out of Scope (OOS) Guidelines strictly enforced Violations jeopardize entire VITA program, including IRS funding Quality Reviewer is required to report violation to Site Coordinator Site Coordinator is required to report violation to UWTSA staff (Rachel) Violation will result in one-time warning issued to Tax Preparer and/or Quality Reviewer Repeated violations will result in termination, in order to protect the program UWTSA staff is charged with monitoring all sites for OOS violations

Filing Deadline Increases April 17, 2018 Standard deduction EITC What’s New: Taxes Filing Deadline April 17, 2018 Increases Standard deduction $12,700 MFJ/QW ( + $100) $9,350 HH (+ $50) $6,350 Single/MFS (+ 50) EITC Max. credit Max. income Savers Credit Income limits have increased

Protecting Americans from Tax Hikes (PATH) Act What’s New: Taxes cont. Standard Mileage Rate 53.5 cents/mile for business 17 cents/mile for medical Education benefits Income at which credits phase out have changed Lifetime Learning Credit (+ $1,000) Protecting Americans from Tax Hikes (PATH) Act Refunds with EITC/CTC delayed until late February

New for 2018 VITA SEASON: UW VITA PROGRAM

TaxSlayer Enhancements Multi Factor Authentication (MFA) Change in Scope Married Filing Separately now out of scope Partnership with Common Cents Lab Simple decision aid to be used at all sites – some exceptions apply Ignore the typo on the handout! Question in e-file section related to handout

REMINDERS & ENHANCEMENTS taxslayer: REMINDERS & ENHANCEMENTS

MOST COMMON ERRORS IN NEW SOFTWARE Due Diligence questionnaire incorrect – wiped out EITC Wrong return type Form 2441 – not all sections completed

TAXSLAYER REMINDERS CONT. Use the “Continue” button to save progress Use the “Notes” feature Be aware of collapsible forms – Ex: Form 2441 Try using direct entry instead of dropdown Skip the leading zero when entering dates Use Print Preview to view all forms and AGI (no AGI ticker) Must mark returns as “Ready for Review” at end of preparation!

TAXSLAYER REMINDERS CONT. Tons of training materials and resources in Practice Lab TaxSlayer Support support@vita.taxslayerpro.com or (800) 421-6346 VITA Blog: vitablog.taxslayerpro.com – updates, instructions, and tips

TaxSlayer Enhancements Multi Factor Authentication Requires volunteer’s cell number and/or email address Triggers: Passage of 7 days “Forgot password” Password entered incorrectly 4 times More robust left panel menu Able to view individual forms/schedules during preparation State returns with Property Tax Credit can now be e-filed! Due Diligence Checklist removed Site-specific Carry Forward now active! Universal Carry Forward – new consent form

QUESTIONS & COMMENTS

Thank you for your commitment to VITA & our community!