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The IRS issues over 101 million tax refunds yearly – over 80% via Direct Deposit. The average refund is over $3,000. With such high volume, it is imperative that financial institutions understand the unique requirements surrounding tax refunds to avoid potentially large losses. These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items. This session on Wednesday, January 3, from 3:00 p.m. to 4:30 p.m., will cover the rights and obligations of the financial institution, accountholder, and tax preparer. Learn how to correctly handle these exceptions to minimize your financial institution’s liability.
For those participating in this webinar, you can expect to cover:
- What if the name and account number do not match?
- What happens if the account is closed?
- What if the accountholder is deceased?
- What happens if the payments post to the wrong account? Who is at fault?
- What are the rights and obligations of the RDFI, consumer, and tax preparer?
- IRS and NACHA opt-in programs to help the IRS recover suspect funds
After participating in this webinar, attendees will receive: A quick reference for handling federal government tax refunds according to the Green Book; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.
This webinar is offered through the League's partnership with the CU Webinar Network. For more information or to register, please click here.