RALEIGH, N.C. (1/20/12)--State Employees' CU (SECU) is offering two programs to assist North Carolina tax payers.
The Raleigh, N.C.-based SECU has partnered with the North Carolina Department of Revenue (DOR) and the Office of State Personnel to promote individual income-tax debt-payment loans.
SECU will offer qualifying members a 5% loan to repay unresolved balances, generating savings for the members and allowing them to take advantage of up to 35% in a penalty/fee waiver being offered by the state.
DOR's new program is offered through April 30 when taxpayers can repay past due taxes, with the DOR waiving unpaid penalties and collection fees.
Under the new loan program, a SECU member who owes $2,000 in back taxes and interest can expect savings of about $700 through waived penalties and fees. A member who owes $4,000 would save nearly $1,400 in penalties and fees on back taxes. Terms of the SECU loan will, in most cases, allow for payments of $50 to $125 per month.
A second tax-related program the $23 billion asset SECU is offering will help members save money through various tax preparation services, including the no-cost Volunteer Income Tax Assistance (VITA) program sponsored by the Internal Revenue Service (IRS) and the credit union's own low-cost tax preparation service.
SECU has offered the IRS VITA service each of the previous four years and its own for two years, helping members save in fees and claim larger refunds through tax credits such as the Earned Income Tax Credit.
In 2011, SECU tax preparers filed more than 53,000 returns, with members receiving $82 million in refunds and saving $7.9 million in tax preparation fees.