Senior and graduate accounting students, who have taken one or more
tax classes, go through a special training program and pass an exam
prior to preparing tax returns for low-income individuals. The
accounting students gain real world experience while providing a
valuable service to the community.
Although some of the tax returns prepared by the students are quite
basic, others involve
education credits, small businesses, rental property, IRA
conversions, multiple states, and a host of other issues.
VITA participants also help international students and scholars, who
must file a complex tax return for nonresident aliens. In preparing
tax returns for international individuals, the accounting students must
determine if there are treaty benefits with specific countries that
allow some or all of the income received in the U.S. to be exempt from
federal income taxes.