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REI Tour 2011 Filing Season Webinar January 27, 2011

REI Tour 2011 Filing Season Webinar January 27, 2011. 2010 Accomplishments. Thank you for your service to the American taxpayers!!. 2010 Tax Prep Results Returns prepared 3,085,512 (up 1.24%) E-filed returns 2,827,413 (up 2.0%) E-file rate is 94.2% (up 1.1%)

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REI Tour 2011 Filing Season Webinar January 27, 2011

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  1. REI Tour 2011 Filing Season WebinarJanuary 27, 2011

  2. 2010 Accomplishments Thank you for your service to the American taxpayers!!

  3. 2010 Tax Prep Results Returns prepared 3,085,512 (up 1.24%) E-filed returns 2,827,413 (up 2.0%) E-file rate is 94.2% (up 1.1%) Total Refunds $3.5 Billion (up 14.6%) Direct Deposit returns up 5.1% VITA/TCE Successes

  4. 2010 Quality Results QSS Return Reviews Planned 855 Completed 745 SPEC Accuracy rate 84% QSS Site Reviews Planned 285 Completed 263 Adherence to QSR 60% TIGTA Shopping Reviews Planned 36 Completed 36 Correct Return rate 90% Global Statistics for VITA/TCE

  5. FS 2011 Filing Season SPEC Cornerstones

  6. Cornerstones for 2011 Filing Season Improve Taxpayer Experience Complete State Only Returns Provide Additional Filing Options Reduce Volunteer Burden Limit Overall Administrative Burden Increase Interaction with TaxWise Increase Overall Accuracy of All Returns Completed FS 2011 Filing Season

  7. Cornerstones for Accurate Returns Complete In-depth Intake and Interview Process Use Form 13614-C Interaction with Taxpayer Key Complete Thorough Quality Review Use Form 13614-C Second Set of “Eyes” and “Ears” Be Diligent About Scope Issues No Returns Beyond Training FS 2011 Filing Season

  8. FS 2011 Filing Season Hot Topics for SPEC

  9. Hot Topics for SPEC Financial Education and Asset Building Savings Bonds Prepaid Cards Tax Time Account Pilot Removal of Debt Indicator Capacity Impact Impact on Clients Return Preparer Strategy No Impact on TCE and VITA FS 2011 Filing Season

  10. Hot Topics for SPEC Schedule C Pilot Selected Sites Expense Limitation to $25,000 No Employees, Inventory No Net Operating Losses Schedule C Limit Expanded to $10,000 For All Sites Use Schedule C Instead of Schedule C-EZ FS 2011 Filing Season

  11. Hot Topics for SPEC Late Tax Law Changes Retroactive Tax Law Changes State and local sales tax deduction Higher education tuition deduction Educator’s expense deduction Tax Law Extensions $1,000 Child Tax Credit (through 2012) American Opportunity Tax Credit (2012) Residential Energy Property Tax Credit through 2011 with Limitations FS 2011 Filing Season

  12. Hot Topics for SPEC Late Tax Law Changes Processing Delay to Mid-February Schedule A Educator Expense Deductions Filing Alternatives Request Taxpayer’s With Impacted Items to Return in Mid-February Prepare Return, TP Sign 8879, Provide TP with Copy and Hold Return Until Processing Allowed FS 2011 Filing Season

  13. Hot Topics for SPEC Modernized E-file IRS Improving Filing Platform Implemented In Stages Faster Acknowledgements Creation of Submission Processing ID Instead of DCN National EITC Awareness Day –Friday January 28th FS 2011 Filing Season

  14. Thank you. You make a difference!

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