Why bank products matter when choosing software
Many tax clients, especially families claiming refundable credits, can't pay a preparation fee in January. Bank products let them pay from their refund instead, and you can only offer them through software that's integrated with a bank partner. Enrollment, the bank application, disclosures and fee collection all run through the software, so the bank program you get depends on the software or service bureau you choose. Background: how bank products work for tax preparers.
What to compare
| Factor | What to ask |
|---|---|
| Bank partners | Which banks are integrated, for example SBTPG, Republic Bank & Trust, Refund Advantage or EPS Financial, and can I offer more than one? |
| Client cost | What does the bank charge the taxpayer for a refund transfer this season? |
| Refund advances | Are advances offered, at what amounts, at what cost to the client, and how are approvals decided? |
| How you get paid | When and how are my preparation fees disbursed after the refund funds? |
| Add-on and transmission fees | Which extra fees exist, who sets them, and how are they disclosed to clients? |
| Pricing model | Upfront license, per-return fees, or both? What happens if I file more or fewer returns than expected? |
| Forms and states | Does it cover the federal forms and states my clients need, including business returns? |
| Remote work | E-signature with identity verification, secure client portal, mobile document upload |
| Support | Hours in February, how support is reached, and whether training is included |
| Approval | What a first-year office needs to be approved for bank products |
Pricing models: upfront, per return, or bureau
Professional software is usually sold one of three ways: an upfront license for unlimited returns, pay-per-return pricing, or through a service bureau that bundles software, bank enrollment, training and support. Each model shifts the risk differently. An upfront license costs the same whether you file 20 returns or 500. Per-return pricing costs more per return but little to start. A bureau's model depends on its contract, so ask for every fee in writing. Compare costs in detail: tax preparer software cost.
Compliance features to look for
- Built-in bank disclosures and applications that show clients every fee and the amount they'll receive, as IRS Publication 1345 expects.
- Section 7216 consent forms the client signs before their information goes to the bank.
- Remote e-signature with identity verification for Form 8879. Publication 1345 requires recording and verifying the client's name, SSN, address and date of birth for remote signers.
- Due diligence prompts for the Earned Income Credit, Child Tax Credit, American Opportunity Tax Credit and head of household, with Form 8867.
- Security: multi-factor authentication and encryption, which the FTC Safeguards Rule expects of tax preparation firms.
- Funding reports that show which bank products funded and what you were paid.
Red flags
- Fees you can't see in writing before you sign, or add-on fees you can't explain to clients.
- Advertising that calls a bank product a "faster refund" or the refund itself. IRS rules say it must be described as a loan or financial product.
- Pressure to file under someone else's EFIN. Your office needs its own.
- No real support in February, when you need it most.
Software with bank products, $0 upfront
Partner offices with us get professional tax software with four bank partners (SBTPG, Republic Bank & Trust, Refund Advantage and EPS Financial), plus setup, bank enrollment help, training and season support, with $0 upfront. Bank products are optional and subject to each bank's approval and fees. We also do your marketing launch in your name. See how we work.
Common questions
What is the best professional tax software with bank products?
The best fit depends on the forms and states you file, how many returns you expect, which bank partners you want, and the support you need. Compare bank partners, client fees, refund advance options, how you get paid, pricing model and support hours.
Can I offer bank products in my first year?
Often yes, if your office has its own EFIN and the bank approves your enrollment. Some programs look at experience or prior-season volume, so enroll in the fall.
Do I need bank products to run a tax office?
No. They're optional for you and your clients. But they let you serve clients who can't pay a preparation fee up front, which is why most offices offer them.
How do preparers get paid with bank products?
Your preparation fee comes out of the client's refund after the IRS deposits it with the bank, and the bank pays you. Timing follows the IRS refund schedule, and offsets or delays can reduce or delay your fee.