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Assisting families at tax time
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For the ninth year, IRS-certified accounting students from the School of Management are helping to bring hundreds of thousands of dollars in tax refunds back into the Buffalo community through the Volunteer Income Tax Assistance (VITA) program.
“We try to take the burden off families. It affords them the opportunity to have their returns done just like they would at a professional site, without any of the associated costs. This is what community service is all about.”
Members of UB’s chapter of Beta Alpha Psi, an international honorary organization for accounting, finance and information systems students, this year provided nearly 2,200 hours of tax service, preparing more than 700 tax returns for low-income individuals and families at sites on UB’s North and South campuses during February, March and April.
The free service, with help from the UB Accounting Association, saves taxpayers an estimated $100 to $300 in fees traditionally charged by tax-preparation services.
This year, it resulted in nearly $992,000 in tax refunds returning to the community, more than $171,000 of which was a result of Earned Income Credit, which targets low-income families in need of financial support.
School of Management student volunteers have brought nearly $2 million in tax refunds back into the Buffalo community over the past three years by preparing more than more than 1,700 tax returns for low-income families. Approximately $400,000 was from the Earned Income Credit.
The Internal Revenue Service in 2008 recognized the UB chapter for having the nation’s largest VITA program in the nation.
“Free Tax Service at UB Brings Nearly $1 Million Back
to WNY ”
UB students provide free assistance to individuals and families with annual incomes below $49,000.
“Beta Alpha Psi chapter receives national recognition”
Internal Revenue Service, international organization recognize efforts of UB students.