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With tax season coming to an end in the next few weeks, taxpayers and the Treasury Department alike will be waiting to see the results of a pilot program for issuing refunds on prepaid debit cards.
Refund anticipation loan ( RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund. The loan term was usually about two to three weeks, related to the time it took the U.S. Internal Revenue Service to deposit refunds in ...
Tax fraud. In 2012, identity theft was blamed for $4 billion of fraudulent tax refunds by the Internal Revenue Service (IRS) and 770,000 taxpayers have been the victims of tax identity theft by 2013. A public-private initiative by the IRS and employers in 2016 resulted in a 50% drop in incidents of taxpayer identity theft reports.
The card is used to make payments to federal benefit recipients who do not have a bank account. Tax refunds are exempt from the electronic payments requirement. Many U.S. states send tax refunds in the form of prepaid debit cards to people who do not have bank accounts. New Zealand
Nearly 6 out of 10 U.S. consumers will be getting a tax refund this year, but the majority of those won't be using it as an excuse to go shopping: Instead, they'll stash it away or pay credit card ...
The U.S. Treasury is getting into the prepaid debit-card business, launching a pilot program targeting 600,000 taxpayers who receive tax refunds and inviting them to receive that money on a debit ...
A FSA Debit Card is a type of debit card issued in the United States against a special tax-favoured spending accounts. These include accounts such as flexible spending accounts ( FSA ), health reimbursement accounts ( HRA ), and sometimes health savings accounts ( HSA ). An example of a Flexible spending account debit card with info edited out.
The Treasury Department is launching a pilot program to deliver tax refunds via prepaid debit cards rather than checks. The plan aims to cut down on the administrative costs associated with checks ...