topic The acct on my papers is a corporate acct that i wouldn’t have to pay up front so the refund goes in to a corporate acct to distribute what I owe to my tax preparer?? in Get your taxes done using TurboTax

The acct on my papers is a corporate acct that i wouldn’t have to pay up front so the refund goes in to a corporate acct to distribute what I owe to my tax preparer??

anayelitoledo — Sat, 01 Jun 2019 15:47:29 GMT

Is that fruad??

If you are having the fees withheld from your federal ref...

Critter — Sat, 01 Jun 2019 15:47:31 GMT

If you are having the fees withheld from your federal refund then the preparer must use a third party processing bank to handle the transaction. Your refund must go to a temporary account set up at that bank to receive the refund from the IRS then the fees are paid out to the preparer and the balance is distributed to you and the temp account is closed. This is standard operating proceedure for all the tax prep companies and has been for a long time. The fees they charge cannot be based on a % of the refund and the processing bank can and will charge a flat fee for the service. You should have to sign bank papers for the opening of the account so read them carefully before you agree to this service. And the service is optional not required by any preparer ... they should give you the option to pay upfront by cash, check or charge/debit card.

So on mi copy le my return it's not my bank account info...

anayelitoledo — Sat, 01 Jun 2019 15:47:33 GMT

So on mi copy le my return it's not my bank account info it's suppose to be theirs??

On the form 1040 page 2 where your account would normally...

Critter — Sat, 01 Jun 2019 15:47:33 GMT

On the form 1040 page 2 where your account would normally be if you had the refund going directly to you will be the temp account number at the bank that was set up to receive the refund. All the IRS sees is a bank account to deposit the refund ... they don't care which bank as long as that bank will accept the deposit. To have the fees withheld from the refund the processing bank must get the refund ... it will not be sent directly from the IRS to you. It will go from the IRS to the processing bank to you.

In the legal papers they had you sign this info should be spelled out and your bank account should be listed for the subsequent deposit once they receive the refund, disperse the fees to the tax company & themselves for the service and then send the balance to you. Read those forms carefully.