ProSeries Bank Products Offered in 2008

ProSeries Professional

ProSeries Bank Products Offered in 2008

• Refund Anticipation Loans (RAL): a check disbursement of a loan against the client's refund, after fees have been taken out. RAL's are not available through Santa Barbara Bank and Trust (SBBT) for active duty members of the military and their dependents.
• Refund Anticipation Loan Direct Deposit (RALDD): a direct deposit disbursement of a loan against the client's refund, after fees have been taken out.
• Refund Transfer Check (RT): a check disbursement of a direct deposit to the lending bank, after fees have been taken out.
• Refund Transfer Direct Deposits (RTDD): a direct deposit disbursement of client's refund, after fees have been taken out.

SBBT has decided to allow RALs in the early season with the Stimulus credit. SBBT will reduce the RAL loan by the amount of the credit, and the stimulus credit amount will be paid as an RT after IRS funding.

To offer Bank Products for the upcoming 2009 tax season (2008 tax returns), enrollment with either SBBT or Refund Advantage must be completed. Enrollment can be with only one Financial Institution.

Each Financial Institution has deadlines and qualifications for bank product enrollment.

•    Santa Barbara Bank and Trust (SBBT)
  • The deadline for enrolling Electronic Return Originators (ERO's) that are New to the Industry and who want to offer Refund Anticipation Loans is 12/22/08. After this date, ERO's will be placed in a "Hold" Status and their application will not be processed.
  • The deadline for enrolling ERO's that are New with SBBT and have Prior Year Experience is 1/9/09. After this date, ERO's will be placed in a "Hold" Status and their application will not be processed.
  • The deadline for enrollment for ERO's that have a Prior History with SBBT is 3/1/09.
•    Refund Advantage
  • Enrollment is closed for those tax professionals that did not offer bank products through their EFIN last year. Applications can be submitted, but will be held until 3/2/09; at that time they will be considered for the "Advantage Choice" program. (Go to www.refund-advantage.com for more details).
  • The deadline for enrolling ERO's that are New with SBBT and have Prior Year Experience is 1/9/09. After this date, ERO's will be placed in a "Hold" Status and their application will not be processed.
  • The deadline for enrollment for ERO's that have a Prior History with SBBT is 3/1/09.

Enrollment and Registration

•    Santa Barbara Bank and Trust (SBBT)
  1. To Enroll with SBBT:
     • Visit the ProSeries web site at www.proseries.intuit.com and login to your My ProSeries account.
     • In the PPR/E-File Activity section, click SBBT Enrollment Form and then follow the on-screen instructions.
  
  2. To Register with SBBT
     1. In ProSeries, go to the Bank Products HomeBase View.
        • Choose Tools from the top menu bar.
        • Select Options.
        • Select Bank Products.
        • Click on "Registration Information".
        • Enter all relevant information.
        • Click OK.
        • Return to Bank Products HomeBase View.
     
     2. From the Bank Products HomeBase view:
        • Choose E-file from the top menu bar.
        • Select Bank Products.
        • Click "Transmit Registration Information".

        The notification of registration acceptance and needed check supplies comes from the financial institutions. SBBT customers must receive an accepted registration status from within ProSeries before transmitting returns with a bank product.

• Refund Advantage
  • Visit the Refund Advantage web site: http://www.refundadvantage.com/welcome.asp and follow the on-screen instructions.
  • To process bank products through this financial institution, you must install the bank's proprietary software. The bank product can then be processed using the banks software after the return has been accepted by the IRS.

Once enrollment and registration with the chosen financial institution is approved, bank products are ready to attach to taxpayers returns.

A "Bank Product Information Worksheet" must be manually completed for each return selected to receive a bank product.

To access the worksheet for a bank product from inside the return:

1. Choose Forms from the top menu bar.
2. Click "Select Form".
3. Highlight EF Bank Prd Wks and press Enter.

4. Manually fill out the needed information for the specific bank product.

5. Complete the return.

The checkboxes on the Bank Product Information Worksheet will be removed in the next release.

• NEW Disclosures added for 2009:

  The IRS passed regulation 7216. With this regulation, there are two disclosures to be included with a taxpayer return.

  1. Consent to Use of Tax Return Information - Consent to use is required for the taxpayer to give consent for his information to be used to offer products based on his tax return. This form prints with a return when a SBBT bank product is selected, and although it requires no input, it must be signed by the taxpayer (and spouse if married filing jointly). A copy of this form is given to the taxpayer.
  2. Consent to Disclosure of Tax Return Information - Consent to disclose is required for the Taxpayer to give permission for the preparer to disclose the tax return to the bank, as part of the request for a bank product. This form is auto calculated with the firm/preparer and taxpayer name(s), and prints with the return when an SBBT bank product is selected.

  If the taxpayer does not wish to disclose his entire tax return to the bank, he will not be able to apply for a bank product of any kind.

  Disclosure forms for Refund Advantage Bank are available at https://www.refund-advantage.com/welcome.asp
• Refund Transfer (RT) check stub information:
  • No information will print on the Refund Transfer (RT) check stub. All information that was previously on the check stub is included in the disclosure forms.
  • Any Preparer or account handling fees for the Refund Anticipation Loans (RAL) will not be confirmed on the check stub.