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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 a high volume, it is imperative that financial institutions handle tax refunds with the utmost care to avoid large dollar losses that can be caused by not understanding the unique requirements. These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items. This session will cover the rights and obligations of the financial institution, accountholder, and tax preparer. Learn how to handle these exceptions correctly to minimize your financial institution’s liability.
HIGHLIGHTS
What happens if the account is closed?
What if the accountholder is deceased?
What happens when the name and account number do not match?
What if payments post to the wrong account? Who is at fault?
What are the rights and obligations of the RDFI, consumer, and tax preparer?
New information about IRS and NACHA opt-in programs to help the IRS recover suspect funds
TAKE-AWAY TOOLKIT
Quick reference for handling federal government tax refunds according to the Green Book
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
This course is eligible for 1.8 AAP credits.
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? ACH operations, branch personnel, compliance officers, and AAP candidates.
ABOUT THE PRESENTER – Michele L. Barlow, AAP, NCP, PAR/WACHA, an education specialist (The Premier Payments Resource), headquartered in Wisconsin. Prior to joining the WACHA team in 2009, Michele spent several years as a corporate trainer in the financial industry. She is responsible for member training and administration, conference planning, and member service. She obtained her AAP certification in 2010, her NCP in 2011, and became an NCP Certified Trainer in 2012. Michele holds a Bachelor’s degree from the University of Wisconsin-Madison.
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