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2008 Fast Facts

ACCOUNTING  AID  SOCIETY'S  ECONOMIC  BENEFITS TO  SOUTHEAST  MICHIGAN  IN 2008

Tax Refunds to More Than 12,500 Wayne, Oakland, Macomb and Livingston County Residents
                                                                                                                                               . . . $10.8 million 
 (Individuals who made $20,000 or less a year and families with annual incomes of $40,000 or less)

Multiplier Effect on Local Economy for Each Dollar Returned . . . . . . . . .. . . . . . . . . . .  . .  . . . . . $5.4 million
(1.5 times)

Savings in Lieu of Using Commercial Preparers and Refund Anticipation Loans . . .. . .. .  . . . . . $3.7 million
(Approximately $300 savings per client)                       

TOTAL ECONOMIC BENEFITS TO SOUTHEAST MICHIGAN IN 2008 .  . . . . . . . . . . . . . . .   $19.9 million

    
  
                                                         2008 TAX SEASON FAST FACTS

•   More than 12,500 low and moderate income southeast Michigan families received income tax
    refunds and tax credits through Accounting Aid Society's free tax assistance program, a 51%
    increase over 2007.
  
  
•  Tax refunds and credits totaled $10.8 million.
  
  
•  Accounting Aid returned more than $3.4 million in Earned Income Tax Credits to our clients.
  
  
•  More than 700 volunteers donated over 14,000 hours this tax season.
  
  
• Accounting Aid provides more than 80% of free Volunteer Income Tax Assistance (VITA) services
  in southeast Michigan and 30% of all VITA services in the state.  Since 1976, Accounting Aid has
  returned more than $156 million to low and moderate income residents in Wayne, Oakland,
  Macomb and Livingston counties, and in turn into our state's economy.
  
  
• As the IRS-designated VITA subject matter expert for the southeast region, Accounting Aid
  supports other VITA programs with technical support and volunteer training.
  
  
•  In addition to tax assistance, Accounting Aid links tax clients to other economic resources such as
   utility assistance and financial education.
  
  
•  Accounting Aid Society represents one of the longest standing collaborations in southeast
  Michigan, with more than 100 organizations and 600 volunteers supporting the delivery of free tax
  preparation services each year.
  
  
•  An important cornerstone of the tax program is the Adopt-A-Site sponsorship, in which colleagues
   sign up as a group for training and volunteering. Our 2008 groups included Baker College, Blue 
   Cross Blue Shield of Michigan, Brasscraft, Inc., Clark Hill, Comerica, Compuware Corp., Thomas 
   M. CooleyLaw School, DENSO, DTE Energy, GM Hispanic Initiative Team, GM Tech Center,
   KPMG LLP,  Masco Corporation, Michigan Association of Certified Public Accountants, National
  Association of Black Accountants, Oakland University, Plante & Moran, PLLC, Pricewaterhouse-
  Coopers LLP, Private Bank, University of Michigan-Dearborn and Wayne State University Law School.
  
  
• For those whose primary language is not English, regardless of income, we  provide free information about tax rights and responsibilities through our Low Income Tax Clinic (LITC) funded by the IRS. In addition to answering individual questions, we are able to conduct presentations and workshops on federal tax issues including Individual Tax Identification Numbers, filing requirements, and credits such as the Child Tax Credit and the Earned Income Tax Credit.
  
  
  
• Assistance for low-income taxpayers in resolving tax disputes with the IRS is also available as part of our LITC services through a partnership between Accounting Aid Society and the Legal Aid and Defender Association. Dispute assistance included audits, Earned Income Credit denials, and collection liens and levies. We can also assist in obtaining innocent and injured spouse relief, installment agreements, and offers in compromise.