![]() What are the benefits of each option for Virginia taxpayers? Direct deposit is still the fastest method for receiving a refund, provided accurate bank account information is entered on the return, so be sure to check your bank information carefully before filing your return. Issuing debit cards to individuals who do not choose direct deposit on their 2012 returns will reduce the Treasury’s annual costs by $200,000. to administer the tax refund debit card program at no cost to the Commonwealth. The Department of Treasury has partnered with Xerox State and Local Solutions, Inc. The switch to debit cards will save the Commonwealth of Virginia money by reducing check printing and mailing costs. Why was the law changed? The Department of Taxation issues over a million income tax refund checks each year. ![]() We hope the following information will be helpful to share with your clients. If your clients routinely drop off their information for return preparation without a face-to-face consultation, you may want to notify them of the changes to required information in advance. Second, educate your clients about the refund options on the return. First, ensure that you obtain accurate dates of birth, addresses, and telephone numbers from each of your clients, as well as complete and correct bank account information for those who wish to use direct deposit. To ensure the smoothest possible transition from the use of paper checks, we ask your help with two critical areas. Requesting a paper check in preference to direct deposit or a debit card will not be an option. Both paper and software versions of the individual income tax returns will require that one of these two options be selected. The Virginia Department of Taxation is implementing a significant change in the way individual income tax refunds are issued, and we need your help to prepare your clients for choosing the best option for their 2012 refunds.Īs required by the 2012-2014 Appropriations Act, there will be two options on 2012 returns for receiving individual income tax refunds - direct deposit or debit card.
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