IRS-certified business students from Millikin University's Tabor School of Business are once again offering free tax preparation services to individuals and families in the Decatur community.
The assistance is being provided at the Decatur Public Library where 20 Millikin students are preparing, checking and filing federal and state tax forms as part of the IRS Volunteer Income Tax Assistance Program.
Since Jan. 26, the students have been providing assistance on Tuesdays, Thursdays and Saturdays. The services will be held until the tax filing deadline on April 18. The services are available for families with incomes of less than $50,000 and individuals with incomes of less than $25,000.
Michael Brown, Millikin associate professor of accounting, believes the tax services are a great way for students to gain practical hands-on experiences.
"The students are able to do all three steps and not just focus on one particular aspect of the process," Brown said. "Part of the graduation requirement for Millikin business majors is in-field experience. The students receive credit for the service work and it fulfills graduation requirements."
In order to prepare taxes and perform quality reviews of returns the students had to pass the IRS Certification Exam.
"It's been beneficial because most of us are accounting majors and we will be doing this type of work at some point in our careers," said Dejaujhn Thompson, a junior accounting major from Chicago, Ill.
The students help the clients complete the necessary paperwork, such as W-2s, W2G and 1099s, to see if they meet the qualifications, then file the forms. The students double check the client's information, including social security numbers, to make sure everything has been entered correctly. The students use the library's computers for electronic filing.
"It's really good for the students to get out into the public and work with other people," Brown said. "Anytime you can get out of the classroom and enter the real world it can be challenging, but it's a very good program and the students enjoy it."
Senior accounting major Amanda Newton, from Mt. Zion, Ill., says, "It's been helpful to use the electronic filing software and understand how it works. We're helping people and it's an experience I will definitely remember."
Brown noted that Millikin has been helping the local community with tax filing services for over 20 years and he expects the students to help over 900 clients this year.