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 taxpayers 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 next to 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 next to the e-file type, this is not a bank product.  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.

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 accordingly.
• 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).

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 My Account Login.  Enter your user name and password and select LOGIN.  Select the Bank Product Info Tab 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 will need to contact the bank directly to inquire about their application process.  You will receive your bank supplies directly from the bank when your enrollment with them is complete.

Bank Application Reject

The bank will send an acknowledgement file indicating whether or not each bank application was accepted or rejected.  Questions regarding bank application rejects can be answered by contacting your Tax Related Products Bank directly.  For bank contact information see Enroll With One Of TaxSlayers Tax Related Product Bank Partners above.

Configure Your TaxSlayer Software to Offer Bank Products

Once TaxSlayer receives verification of your enrollment from your Tax Related Products Bank, you will have the ability to configure your software to offer bank products.  From the Main Menu of TaxSlayer select:

• Configuration
• Electronic Filing / Bank Setup
• Bank Setup Menu
• Bank Used for Bank Products - Select your bank from this menu

Changing To A Different Bank

There are certain times throughout the year that banks will allow you to switch. Usually after tax season begins, most banks will stop accepting new applications. When you apply to use a new bank, you will be accepted based on their credit criteria.  If the new bank accepts you as their client, then you will need to update your information with TaxSlayer.  Prior to updating your bank information with TaxSlayer you must email sales@taxslayer.com requesting that your bank tab be unlocked to update with the new bank information.  To update your information, sign into your Account Hub by clicking here. You will need to update anything that has changed during the year on the Company Information Tab.  Also, update your bank information on the Bank Product Information Tab.  Once you have updated your information here, please contact your sales representative to make sure that we have all the information that we need from you.  Our toll free sales number is 1.888.420.1040.

If you require assistance with any of the above steps to get your office ready to offer bank products, please call TaxSlayer Technical Support.