ALEXANDRIA, Va.–NCUA is encouraging credit unions to participate in a free program that helps members address their federal income taxes and reminding them the deadline to participate is rapidly approaching.
The deadline to contact the IRS about participating is Nov. 15.
In Letter to Credit Unions (LTCU) 21-CU-12, NCUA reminded the IRS Volunteer Income Tax Assistance (VITA) program provides education for consumers on refundable credits, including the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC).
NCUA further reminded the refundable federal tax credits can provide thousands of dollars to working individuals and families with low to moderate incomes.
NCUA used the Letter to Credit Unions to also review the benefits of participating in the VITA program, which the agency also suggested offers the potential for attracting new members and opportunities for asset- and wealth-building by members who also benefit from greater financial stability.
The full Letter can be found here.