March 26, 2024

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Business is my step

Accounting and finance college students will supply free of charge tax prep

3 min read

For a fifth calendar year, pupils pursuing accounting and finance degrees in the College of North Georgia’s (UNG) Mike Cottrell College of Organization (MCCB) will create their tax preparation expertise and help the bordering communities as section of the Volunteer Revenue Tax Assistance (VITA) software sponsored by the IRS.  The method served in excess of 100 taxpayers in the 2019 submitting period.

The free tax preparing products and services are open up by appointment only from 5-7 p.m. Tuesdays and Thursdays from Feb. 2 by way of March 2 in room 011 of Newton Oakes on UNG’s Dahlonega Campus. For the in-particular person appointments, participants need to adhere to UNG’s needs to have on a mask inside all university buildings and observe 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 offers a record of “what to provide” to a VITA web-site so taxpayers can be geared up for their appointment. Nash will also focus on all those products when scheduling the appointment.

Because of to the COVID-19 pandemic, Nash reported the submitting season for 2020 taxes will be a problem for taxpayers as they navigate the a lot of tax law changes enacted to give reduction.

“The variations have an effect on all parts of the personal return: money, deductions and tax credits. The Restoration Rebate Credit score necessitates taxpayers to reconcile their economic influence stimulus payments on their 2020 tax return to be certain they acquired the greatest stimulus amount of money,” Nash claimed. “The mission of the VITA plan is to enable tax filers navigate the improvements and file accurate returns.”

VITA offers free of charge tax services to persons who commonly make $57,000 or less. Students prepare 1040 kinds with schedules A, B, C-EZ, and D, together with simple tax credits. Federal and state returns are organized for no cost though taxpayers are current. Nash testimonials all returns with the taxpayers in advance of she information them electronically with immediate deposit readily available, if sought after. The IRS will start accepting e-filed returns on Feb. 12, so returns geared up amongst Feb. 2 and Feb. 12 will be filed on Feb. 12.

“The VITA program gives college students a excellent fingers-on knowledge serving our local community. Pupils acquire quite a few new abilities while using aspect in the VITA software, which incorporate escalating their specialized tax capabilities as a result of preparing tax returns, discovering how to interact with customers, and finding out how to obtain feed-back on reviewed perform,” mentioned Dr. Ellen Very best, section head of Accounting and Legislation and an associate professor at UNG. “Abilities attained in VITA finally provide to far better prepare our pupils to be prosperous in a skilled perform setting.”

The learners, under Nash’s course, are certified by testing via the IRS.

“It is a definitely good chance offered the reality that a lot of internships are closing down mainly because of COVID,” claimed Rachel Bryant, a senior from Carrollton, Georgia. “I am hunting ahead to carrying out more for the group.”

Kenneth LaMore, a senior from Hiawassee, Ga, is keen to achieve this expertise.

“It is amazing to have the opportunity to enable folks with their taxes,” LaMore reported. “It also gives me a likelihood to study a small little bit extra about how to do taxes for an person, how to communicate to them. It will help 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 presented on UNG’s Dahlonega and Gainesville campuses, UNG also provides a Master of Accountancy. Speak to Most effective for far more details at [email protected].

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