How does a loan from a tax preparer work?

How does a loan from a tax preparer work?

It works like this: Your tax preparer opens a temporary bank account for you and directs the IRS to deposit your tax refund in this account. Your tax preparer issues you the loan, either as a check, direct deposit or prepaid debit card. Your refund is direct deposited into the temporary account.

Can you get a loan from a tax preparer?

You can get a loan against your tax refund if a “tax advance refund” is offered by the tax preparation service you choose. Tax preparation companies don’t lend you the money directly. Instead, they partner with banks that lend the funds.

What is EPS bank product?

EPS Financial is a bank product processor that offers flexible and innovative electronic payment systems to the tax industry. By partnering with EPS, you can provide your clients more choices and value. The tax industry changes every year because of shifts in consumer behavior, tax law, regulation and technology.

What bank does H&R Block use?

It’s easy. Banking products and services are provided by MetaBank®, N.A., Member FDIC. Spruce* Spending and Savings Accounts are established at, and the Spruce debit card is issued by, MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.

How much does a tax refund advance cost?

The amount of the loan and any interest is deducted from tax refunds reducing the amount paid to you. No Fee Refund Advance Loans are offered at no cost to you. Loan amounts are between $500 – $3,500.

What are tax bank products?

A bank product, or refund transfer, is a solution that tax preparers can offer to their clients. Bank products allow your clients to deduct your tax preparation fees directly from their refund. Sometimes clients do not have the money to pay your fees up front.

Do tax preparers use MetaBank?

MetaBank also provides a variety of services to H&R Block and Jackson Hewitt. If you are a taxpayer who has a question about a product you received from H&R Block, please visit hrblock.com or call 1-866-353-1266.

Who is offering refund advances?

If you need cash while waiting for your income tax refund, some tax preparation services — including Jackson Hewitt, H&R Block and TurboTax — offer 0% interest tax refund loans. Instead of having an interest rate and repayment terms, the tax preparation service lends you money and reclaims it through your return.

How do you qualify for Emerald advance?

To apply for the Emerald Advance, clients must bring a current earnings statement (e.g., paystub), valid, unexpired government-issued photo identification (e.g., a driver’s license) and their Emerald Card if they have one, to a participating H&R Block tax office.

What is tax products PE1?

A deposit from Tax Products PE1 is most often a Federal refund for those people who chose the option to pay their TurboTax fees out of their Federal refund. That’s handled by an intermediary company called SBTPG (aka Tax Products Group.)

What is bank products for tax professionals?

What is a bank product? A bank product, or refund transfer, is a solution that tax preparers can offer to their clients. Bank products allow your clients to deduct your tax preparation fees directly from their refund. Sometimes clients do not have the money to pay your fees up front.

Does H&R Block pay you same day?

Why Does My Paycheck Show No Federal Taxes Paid? H&R Block provides a rapid tax refund so you can get your money the same day you file your return. There is no waiting. If you qualify, H&R Block gives you a no-interest loan that will be paid back to them when the IRS sends your tax refund.