Tax Related Bank Products Overview

Tax related bank products can be offered to your clients to assist them in paying for their tax preparation fees. When using tax related bank products, your client will pay no upfront fees for the preparation of their tax return. The tax preparation fees that you charge will automatically be deducted from the taxpayer's income tax refund and deposited into the checking or savings account of your choice. The remaining balance will be distributed to the taxpayer by direct deposit, prepaid/debit card, or check. Each bank offers different products, so you should check with your bank to determine what is available to your clients.

While tax related bank products are a convenient option for many taxpayers, there are additional fees associated with each bank product. The additional fees vary depending on which bank you choose. When you mark a tax return for electronic filing, you will be prompted to select the e-file type from a list displayed on the screen. Any additional fees associated with the e-file type will be displayed to the right of the name of the tax related bank product. The additional fees are charged by the bank and software for each specific type of bank product.

NOTE: If there are no additional fees listed to the right of the e-file type, the e-file type does not use a bank product and you will need to collect your preparation fees up front from the client.

Getting Ready to Offer Bank Products
Getting your office set up to offer tax related bank products as early as possible is strongly encouraged to help avoid unnecessary delays at the beginning of tax season. Follow these steps to ensure you are ready to offer tax related bank products to your clients.

1. Become an Authorized e-file Provider

Before you can electronically file tax returns, you must apply to become an Authorized e-file Provider with the IRS.  This process is facilitated by the IRS in three phases:

• Phase 1: Create an IRS e-services Account - Before you can begin the application process, you must apply and be approved for an e-services account with the IRS. The IRS may take several days to verify and approve your information, so it is important to plan ahead.
• Phase 2: Submit Your Application - After you are approved for e-services, you will be able to log into your account to fill out the online application to become an IRS e-file provider. Plan accordingly as it may take up to 45 days for the IRS to approve an Authorized e-file Provider application.
• Phase 3: Pass a Suitability Check - After you submit your application and any related documents, the IRS will conduct a suitability check on the firm and each person listed on your application as either a principal or responsible official. This may include a credit check, a tax compliance check, a criminal background check, and a check for prior non-compliance with IRS e-file requirements.  Once approved, you will get an acceptance letter from the IRS with your Electronic Filing Identification Number (EFIN).

2. Enroll Through Your TaxSlayer Pro Account Hub

You will enroll with one of the above banks through the Bank Product Info Tab in your TaxSlayer Pro Account Hub. To do this, go to www.taxslayerpro.com and select the blue LOGIN button. Enter your user name and password and select LOG IN.  On the left side of the screen, select Bank Product Information and fill in all required information. The information that you enter will be transmitted to the bank for verification.

The application process varies with each bank, so you may need to contact the bank directly if you have any specific questions. When your enrollment is complete, you will receive bank supplies directly from the bank.

3. Bank Application Acceptance

The bank will send an acknowledgement indicating whether or not your bank application was accepted or rejected. Questions regarding bank application rejects can be answered by contacting the bank directly:

4. Configure Your TaxSlayer Pro Software to Offer Bank Products

After TaxSlayer Pro receives verification of your enrollment from the bank, you can configure your software to offer bank products.  How you configure depends on whether you use desktop TaxSlayer Pro or cloud-based TaxSlayer ProWeb software.

TaxSlayer Pro - From the Main Menu of TaxSlayer Pro select:

• Configuration
• Electronic Filing / Bank Setup
• Bank Setup Menu
• Bank Used for Bank Products - Select the bank to use.

TaxSlayer ProWeb - From the Welcome Screen after logging in select:

• Configuration
• Office Setup
• Selected Bank - Select the bank to use from the dropdown menu.

Changing To A Different Bank

You can apply with any of the banks throughout much of the year. Here's the process:

• E-mail sales@taxslayer.com requesting that the bank information in Account Hub be unlocked so that you can submit a new application.
• Your sales manager will contact you confirming that the bank information tab is unlocked.
• Log in to your Account Hub at the TaxSlayer Pro website.
• In the left side menu, select the Bank Product Information tab and submit an application to one or more banks.
• While logged in, it's a good idea to select the Company Information tab and verify that all the information showing there is correct.
• If the bank notifies you that you have been approved, return to TaxSlayer Pro or ProWeb and change the bank you will be using.

If you need help with any of the above steps to get your office ready to offer bank products, please call your sales manager for assistance.