Monmouth College accounting students in the IRS VITA program relax at the local Pizza Hut following a busy tax-preparation season. In front, from left, are: Jennifer Carter, Marseilles; Ashley DeReu, Kirkwood; Lee Rometti, East Peoria; Ty Gramkow, Peoria; Sara Tyson, Rushville; and Kelly Compton, Oneida. In back are: Julie Trac, Monmouth; IRS representative Sonya Jacobs; Josh Ragar, Stronghurst; Casey Evans, Winchester; Brian Siemers, Kewanee; Professor Judy Peterson; and Steve Coutts, Ladd.

MONMOUTH, Ill -- The 2006 income tax season was considerably less stressful for nearly 300 Monmouth-area families, thanks to the efforts of 11 Monmouth College accounting students who assisted them in filing state and federal returns through the Internal Revenue Service's Volunteer Income Tax Assistance (VITA) program.

In this, the program's seventh year at Monmouth College, students prepared or helped prepare a total of 670 returns, an increase of 24 percent over 2005. Accounting professor Judy Peterson, who has coordinated the program since its inception in 2000, explained that the free service is aimed primarily at low- to middle-income taxpayers who cannot afford professional assistance.

"If a conservative estimate is made that each prepared return would have cost the taxpayer $30, and that each e-filed return would have cost the taxpayer $20, the savings to the community can be estimated to be more than $31,000," Peterson said.

Peterson is especially pleased that the program has been able to assist disabled persons in the area. "This year we prepared and e-filed returns for 47 Warren Achievement Center clients," she said. Students who worked on those returns said that while they weren't particularly complicated to complete, the appreciation shown by the clients was heartwarming.

The VITA program is offered in three-hour sessions at two locations--the Warren County Public Library and Monmouth College--on several dates between February and April. Peterson said that although most students participate as part of a college-credit course, the work does require a significant time commitment. All student preparers must have completed a federal tax course, attended workshops to become proficient with the computer software and the Illinois tax form, and been certified by the IRS.

Brian Siemers, a 2006 graduate from Kewanee who hopes to become a certified management accountant, said he did not participate in the program for college credit, but did it purely for the experience. "It was absolutely invaluable to me," he said. "It has been a big, big plus for every job interview I have been to." Siemers noted that although he took a tax accounting course at Monmouth, the practical aspect of preparing actual returns helped him better understand the tax codes. "There were some unusual returns--one involving tax credits for ethanol and another involving income from Iowa," he said. "Those were learning experiences."

Sara Tyson, a 2006 graduate from Rushville, had a learning experience of her own. "One client brought in a list of donations--itemized deductions--a mile long," she said. "It took over an hour to complete."

Casey Evans, a junior from Winchester who aspires to become a CPA, said the experience was very rewarding. "I enjoyed interacting with the public and especially seeing how pleased some of the clients were when I told them the amount of refund they could expect," he said.

The student participants celebrated the end of tax season with a party at Monmouth's Pizza Hut on May 1. They were joined by Peterson, who conducted their final evaluations, and by Sonya Jacobs, a representative of the IRS who presented Peterson with an award for the college's participation in VITA.

One significant change since the program began at Monmouth, according to Peterson, has been the e-filing phenomenon. "The first year, we filed just over 80 returns electronically," she said, "while this year that total rose to more than 580. And that was a 49 percent increase over last year's e-filing!" The Monmouth College program's jump in electronic filing, which reflects a national trend, received a boost in 2003 when it gained the ability to directly transmit its own returns. Previously, the information had to be mailed to the VITA coordinator in Springfield for transmission.

Regardless of technological changes, one constant has been that demand for the program continues to grow each year, by an average of about 25 percent. A survey completed this year by 199 taxpayers who were helped by the MC VITA program may explain part of the reason for the growth. Ninety-three percent indicated their overall satisfaction with the service was a "5" (on a scale of 1-5). The remaining 7 percent of respondents answered with a "4."

Peterson said she has been contacted by Knox County, which currently has no VITA program, and hopes to expand Monmouth College's program there next year. "It will be a challenge to staff a third location, but we are up to the task and plan to offer an additional site at the Galesburg Public Library," she said.

Released by the Office of College Communications
Barry McNamara, Associate Director of College Communications
Phone: 309-457-2117
Fax: 309-457-2330