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CFPB helps volunteer tax preparers promote tax refund savings

The Office of Financial Education is helping Volunteer Income Tax Assistance (VITA) sites across the country encourage taxpayers to save some of their 2011 Federal income tax refunds.

Nearly 5,200 VITA locations will each receive a poster prompting taxpayers to save. But displaying the poster is only the first step. We are also asking VITA tax preparers to encourage taxpayers to directly deposit their refunds into multiple accounts, or buy U.S. Savings Bonds, using IRS Form 8888.

To help, we’re providing the VITA sites with:

If you operate a VITA location and did not receive a poster, or would like to help us promote tax refund saving, please e-mail me. Include your name, the name of your organization, and mailing address.

One of the CFPB’s mandates is promoting consumer access to “wealth building and financial services during the preparation process to claim earned income tax credits and Federal benefits.” Working with the IRS’s VITA program helps fulfill that mission and the feedback we receive will provide valuable information about what works as we look ahead to similar efforts in the future.

The VITA program offers free tax assistance to qualifying taxpayers. Visit the IRS website to learn more, or call 1-800-906-9887 to locate the VITA location nearest you.

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