With the April 15 tax day quickly approaching, a leading online tax preparer school is offering its own kind of relief in the form of student scholarships.

Sheila Clark, director of the highly accredited online The Income Tax School, Inc. in Richmond, Va., announced the public availability of The Income Tax School Founder's Scholarship in honor of company founder and CEO Chuck McCabe, for his service to the tax preparation community.

The Income Tax School Founder’s Scholarships will enable three highly motivated recipients with financial need to embark on new careers as tax preparers. A total of three scholarships worth $4,770 will be awarded, one for each of the three levels of the ITS Chartered Tax Certificate programs: Chartered Tax Advisor (CTA), Chartered Tax Consultant (CTC), and Chartered Tax Professional (CTP), to include Tax Business Start-up Guides.

“My career as a tax preparer began some 45 years ago after borrowing $60 from my fiancée to take an income tax course,” McCabe said. “Completing that course after working for five years as a railroad freight brakeman enabled me to embark on a rewarding new lifelong, professional career. I want to provide others with a similar opportunity to succeed.”

McCabe said from the convenience of a computer his online tax preparer school has helped thousands of people launch careers as tax preparers, and create new income for themselves and their households.

“The Income Tax School is designed to help people transition into the tax preparation industry with the right acumen and the highest levels of confidence and credibility within weeks or months,” McCabe added. “We are delighted to be in a position to offer our new scholarship program, which will help a few people to become tax preparers at no cost.”

Clark explained that the Chartered Tax Advisor is 90 hours of instruction and will enable a student to learn to prepare most individual Form 1040 tax returns, including more complex situations. The Chartered Tax Consultant is 120 hours of instruction and will enable a student to prepare both individual Form 1040 and basic small business corporation Form 1120 and 1120S, and partnership Form 1065, tax returns. The Chartered Tax Professional is 180 hours of instruction and will enable a student to prepare both basic and complex individual Form 1040, small business corporation Form 1120 and 1120S, and partnership Form 1065 tax returns. The CTP program covers all topics on the IRS Special Enrollment Exam for the IRS Enrolled Agent designation.

The Income Tax School was founded by McCabe in 1989 originally to train tax preparers for employment with Peoples Income Tax, Inc., which McCabe founded in 1987. Today, ITS enrolls thousands of online students annually nationwide and is referred to by industry experts as “Best in Class.”

Criteria to qualify for the scholarships, along with the online scholarship application are provided on the ITS Web site, www.TheIncomeTaxSchool.com/Scholarships. Eligible applicants are encouraged to apply before the June 30, 2014 deadline.

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