A bank product is a service that offers tax professionals the flexibility to deduct their preparation fees from the client's refund instead of requiring upfront payment.
Funds are transferred from the IRS to the tax bank of your choosing, which then disburses your preparation fees directly to you. At the same time, the bank facilitates the issuance of the taxpayer's refund through their preferred disbursement method, such as a check, direct deposit, or debit card.
While utilizing bank products is not obligatory, it can present a valuable choice for both your business and your clients.
Choose bank products to receive preparation fees and improve your business with various services. Focus on expanding your client base, not on collecting payments.
Bank products serve as a facilitator for paying tax preparation services. They enable taxpayers who may not have the means to pay upfront to still have their tax return prepared promptly and cover the fees from their refund. Additionally, bank products provide taxpayers with the option to obtain cash advances.
Banks offer various products like cash advances, start-up, pre & in-season loans with additional programs. Discuss with a sales representative to understand options, terms & conditions, and make an informed decision.
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