Dear Editor:
This time of year, EY, one of the largest accounting firms in the world, is busy assisting our clients preparing for year-end financial reports and the upcoming tax season. We offer tax advising, auditing, transaction and advisory services to clients representing multiple industries around the world. We are very good at what we do.
Despite our heavy workload, we make it a company priority to use our skills to give back to our community.
EY is one of the lead corporate partners supporting United Way of Greater Cincinnati’s Volunteer Income Tax Assistance program which provides free tax return preparation for working families in the Greater Cincinnati and Northern Kentucky region.
Our role is to provide comprehensive tax training to corporate volunteers willing to “adopt” a volunteer tax site for the tax season. Each corporate partner we train commits to providing 15-20 volunteers to help prepare taxes at a community site. We ensure that each corporate volunteer is trained on tax law, filing requirements and passes an IRS certification test.
Last year, EY trained over 60 volunteers from three corporations. These volunteers in turn adopted 3 separate community sites serving over 1,600 individuals and returning $2.4 million in refunds to hard working low-income families. In February, our staff members will be onsite volunteering at these tax sites, helping community members file their tax returns.
We love this program.
One of the reasons that EY and United Way support the volunteer tax preparation program is to ensure that deserving families claim the Earned Income Tax Credit (EITC), and the Child Tax Credit (CTC). Together, these credits are two of the nation’s most effective pro-work, anti-poverty policies with long lasting impact for families and children. The EITC has been shown to lift labor force participation rates among parents. The CTC provides per child benefits for low to moderate income parents to offset the costs of raising a family.
As a Board Member and volunteer with United Way of Greater Cincinnati, I strongly advocate for the United Way Bold Goals of preparing youth to succeed in school and life and ensuring individuals and families achieve financial stability. Research shows that children in families who benefit from the EITC or CTC are healthier, do better in school, are more likely to go to college and earn more as adults.
Key provisions of the EITC and the CTC are expected to expire at the end of 2017 unless Congress acts to make them permanent and the time to make them permanent is now. Tax predictability is important to businesses and families and influences the choices we make.
The EITC and CTC are the nation’s strongest tools to promote work and allow working families to achieve self sufficiency and keep more of what they earn. Last year alone, our community served over 19,800 individuals and returned $23.7 million in credits and refunds to these families. We urge our Senators and Representatives to make these credits permanent now.
Julia Poston
Managing Partner, EY
Board of Directors, United Way of Greater Cincinnati