In 2013, the IRS issued over 101 million tax refunds – 79% of these were via Direct Deposit. The average refund amount was $2,860. With such a high volume, it is imperative that your financial institution handle tax refunds with the utmost care and caution to avoid large dollar losses that can be caused by not understanding the unique requirements of IRS tax refunds. 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. Attending will ensure you handle these exceptions correctly and minimize liability.
- What if the name and account number do not match?
- What if the account is closed?
- What happens if the accountholder is deceased?
- Who is at fault if the payment posts to the wrong account?
- What are the rights and obligations of the RDFI, member, and tax preparer?
- 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?
This informative session is designed for ACH operations staff, branch personnel, compliance officers, and AAP candidates.
ABOUT THE PRESENTER – Luann S. Kohlmann, AAP, NCP, WACHA
Luann Kohlmann serves as the Vice President of WACHA (The Premier Payments Resource), headquartered in Wisconsin. Luann started her career in banking operations and joined the WACHA team in 2003. She is responsible for development and execution of association member programs, including education, conferences, and publications. She also conducts ACH audits and risk assessments. This informative session is designed for ACH operations staff, branch personnel, compliance officers, and AAP candidates.
With her banking background and hands-on knowledge, Luann understands the problems financial institutions face with day-to-day ACH processing and the need to continue to expand their electronic services to keep pace with technology. Luann has spoken nationwide, including NACHA’s Electronic Payments Conferences, and is very active in national councils and committees. She has been an Accredited ACH Professional since 2002 and became a National Check Professional in 2011.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.