PATH ACT FUNDING (2/15/2024)

PATH ACT FUNDING (2/15/2024)

Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. In anticipation of a large funding file from the IRS in a few days, please note the following:

A majority of refund funding should be seen beginning Thursday, February 22nd, depending on the disbursement method. You may see refund funding come in earlier, or later depending on other variables.
While we anticipates processing records we receive from the banks without delay, you may notice delays in banks acknowledging new bank applications, and your ability to run reports & print checks at your bank's website may also be affected.
For assistance with check printing and bank reports, please contact the bank directly.

 Statement From Refund Advantage Bank
We are ready to process billions of dollars through our systems, with the vast majority being available to the customer on Thursday, February 22nd. 

Check print authorizations will be sent out as soon as they are available on Wednesday, February 21st. We will process direct deposit transactions into taxpayer and tax preparer bank accounts on the effective date of Thursday, February 22nd.

There will be planned downtime of your Refund Advantage Direct account from 5PM EST on Friday, February 16 until 11AM EST on Saturday, February 17. During this time you will not be able to print checks or view reporting. Please make sure you have everything you need before 5PM, and we'll see you again Saturday morning!

You will still be able to submit applications through your tax software. Our call center will also be closed at 5PM EST, on Friday February 16 and reopening at 11AM EST on Saturday. 

Please note that Fee Advance and the Pre-Season Loyalty Program ended on February 16th.


    • Related Articles

    • THE NUMBER ONE REJECT THROUHOUT THE INDUSTRY (REJECT -F8962-070) (01/29/2024)

      Reject F8962-070: The e-File database indicates that Form 8962 or a binary attachment with description containing "ACA Explanation" must be present in the return. Instructions for resolution. If an individual tax return should include Form 8962, ...

    • IRS REJECT F8962-070

      The e-file database indicates that Form 8962 or a binary attachment with a description containing “ACA Explanation” must be present in return. It was added so returns may be corrected and avoid being kicked into error resolution, which could cause ...

    • COMMON EIN REJECTS (02/05/2024)

      The following EIN rejects are common rejects this time of the season. FW2-502: Form W-2, Line B ‘EmployerEIN’ must match data in the eFile database F1099R-502-02: Form 1099-R, ‘PayerEIN’ must match data in the e-File database. Tips for correction: ...

    • RELEASE NOTES: FEBRUARY 12TH – ADVANCE CTC & F2441

      ACTC/F2441  Add the “Place of Abode” question to the prompt after adding a dependent to a return (Available on new returns started after the addition of the prompt) ​

    • WHAT'S NEW IN 2023-24 SOFTWARE

      Roles and Permissions Has replaced the Security Templates for 2023. You can control what each of your preparers are allowed to do by assigning them a Role. Roles are configured in the Roles & Permissions menu under the Configuration menu. Each Role ...