What is a Refund Transfer (RT)?
A Refund Transfer is a low cost method for paying fees associated with the preparation of your tax return. When the taxpayer selects an RT, they direct the IRS to deposit their tax refund into a temporary bank account at RA (). When the bank receives the IRS refund (usually 8 to 15 days from the filing date), the bank makes deductions from the refund to pay TaxPros, bank fees and any other authorized deductions. The bank then disburses the balance of the refund to the taxpayer by whichever disbursement method the taxpayer has chosen. If the bank does not receive an IRS refund on behalf of a taxpayer, no fees will be paid including the tax preparation fees charged by TaxPros. In the case of unfunded returns, the TaxPros office must collect fees directly from the taxpayer.
