Industry News

Federal agencies partner to help families cut tax bills

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Department of Housing and Urban Development and the Internal Revenue Service have agreed to work together to help low-income working families save money on their annual income taxes. The landmark agreement will emphasize greater coordination between the agencies, expand information sharing and build on existing services. The partnership will work to encourage community-based collaboration to educate and assist low-income families. More specifically, the partnership aims to: Assist low-income, disabled, elderly and limited-English-proficient people in meeting their tax obligations by providing educational outreach. Help low-income, disabled, elderly and limited-English-proficient people and families in free tax preparation and free electronic filing of federal tax returns. Provide and disseminate information on Earned Income Tax Credits, childcare tax credits and individual development accounts to eligible low- and moderate-income families, and Educate the public on how tax ...