Tax-Related Bank Products Overview

As a paid professional tax return preparer, you can apply to offer tax-related bank products to your clients to assist them in paying for your tax preparation fees. It's up to the taxpayer whether or not they wish to use a bank to facilitate payment of their refund, and if they choose to use a bank they will pay nothing up front to have their tax return prepared. Instead, the bank will receive their tax refund and deduct your preparation fees and deposit them into your bank account. The bank also has its own fees, and they will deduct these from the refund before distributing the remainder to the taxpayer.

When preparing the tax return, you select whether or not to use a bank product when you mark the return for electronic filing. The additional fees the taxpayer will incur for the bank product options will show on-screen so they will know what to expect.

In addition to transferring the refund to your clients, you may qualify to offer your clients advances on their refund. While each bank has its own particular advance program characteristics and requirements, in general if you're approved to offer advances then the taxpayer can optionally choose to receive a portion of their refund soon after the IRS accepts their tax return. (The amount of the advance the bank approves depends on the bank's own underwriting criteria.) Additionally, if you qualify to offer "pre-ack" advances, you can offer your clients a refund advance on tax returns filed before the IRS officially opens up for electronic filing.

Of course, your client can also choose to receive their refund directly from the IRS, either by check or direct deposit. In the electronic filing menu in TaxSlayer Pro, these are the two e-file types that show no additional fees, and if the client decides not to use a bank product you will need to collect your preparation fees up front.

Preparing to Offer Bank Products

We strongly encourage getting your office set up to offer tax-related bank products as early as possible before the tax season to help avoid unnecessary delays at the beginning of the 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 With a Bank Through Your TaxSlayer Pro Account Hub

To enroll with a bank, log into your TaxSlayer Pro Account Hub here. (You can also log in to Account Hub via the TaxSlayer Pro home page and clicking the blue LOG IN button.)

Once you've logged in, before beginning a bank application click Company Information in the left side menu and verify the information about your business is correct, as this information is used in the bank application. Then, click Bank Product Information in the left side menu. Select the bank to apply with, complete all the required information saving each step as you go, then finally submit it to the bank.

The application process varies with each bank, so you may need to contact the bank directly if you have any specific questions about their enrollment application.

3. Bank Application Acceptance

The bank will send an acknowledgement indicating whether or not your bank application was accepted or rejected. Once accepted, there are up to three things you may be approved for:

• Refund Transfers - Every bank application that is approved is at a minimum approved for refund transfers, the bank facilitating the taxpayer's refund and deducting the bank's fees for its service as well as your preparation fees.
• Advances - If you've applied to offer advances and are approved, you can offer your clients the ability to receive a portion of their refund in advance of the IRS paying it. This is also known as an "in-season" advance, and it requires the IRS having accepted their tax return.
• Pre-Ack Advances - If you've applied to offer pre-ack advances and are approved, you can offer your clients the ability to receive a portion of their refund prior to the IRS being open for electronic filing. (It's possible to be denied offering pre-ack advances but approved for in-season advances.)

If you are approved for refund transfers, you will receive supplies such as checks and debit cards directly from the bank.

Questions regarding bank application rejects or the bank's processes can be answered by visiting the bank website (links below) or by calling the bank directly:

Configuring 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 desktop

From the Quick 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:

• Log in to your Account Hub at the TaxSlayer Pro website.
• Before working on the bank application, it's a good idea to select the Company Information tab and verify that all the information showing there is correct.
• In the left side menu, select the Bank Product Information tab and prepare and submit an application to one or more banks. (Caveat: Since Refund Advantage and EPS are both owned by Pathward, if you are approved with one you cannot apply with the other.)
• If the bank notifies you that you have been approved, change the bank in your program configuration.

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.

Additional Information:

States With Special Transmission Fee Laws