IRS HAS PROCESSED NEARLY 40 MILLION TAX REFUNDS WORTH ALMOST $125 MILLION

FROM:  U.S. INTERNAL REVENUE SERVICE
Tax Refunds Reach Almost $125 Billion Mark; IRS.gov Available for Tax Help

WASHINGTON — Almost 40 million tax refunds worth nearly $125 billion have been issued as of Feb. 20, according to Internal Revenue Service statistics released today. The average refund is $3,120.

The IRS has processed nearly 50 million returns, about one-third of the total individual federal income tax returns the agency expects to receive this year, with almost 83 percent of those returns resulting in refunds. More than 92 percent of refunds have been directly deposited into taxpayer accounts. The IRS recommends direct deposit as a safe, quick way for taxpayers to get their refunds.

The IRS also recommends taxpayers who have yet to file explore the numerous online tools and resources available on IRS.gov, which taxpayers visited almost 160 million times so far this year.

Longer wait times on IRS phone lines and at IRS offices mean it’s more important than ever for taxpayers to use IRS online tools and resources on IRS.gov.

IRS SAYS ELECTRONIC FILING PREFERRED WAY TO FILE TAXES THIS YEAR

FROM:  U.S. INTERNAL REVENUE SERVICE 
February 8, 2015
2015 Tax Filing Season Volume Outpacing Prior Year

WASHINGTON — The 2015 tax filing season is off to a strong start with most taxpayers filing their returns electronically and choosing direct deposit for their refunds, according to the Internal Revenue Service.

As of Jan. 31, the IRS received more than 14 million tax returns this year. More than 13 million of those returns have been filed electronically, an indication that more taxpayers are realizing the benefits that e-filing offers.

“We encourage taxpayers to e-file their returns since it is the quickest, safest and most accurate way to file and the fastest way to get a refund,” said IRS Commissioner John Koskinen. “We also urge taxpayers to take advantage of the many online resources available through our web site.”

IRS.gov has been accessed more than 65 million times this year, up 49 percent from the same time last year.

Filing a complete and accurate return is more crucial than ever to prevent refund delays or discrepancies.

The IRS has issued 7.6 million refunds worth $26.8 billion; the average refund is worth $3,539. More than 96 percent of all refunds have been paid through direct deposit. All total, 7.3 million refunds worth $26.2 billion have been directly deposited to taxpayer accounts.

FDIC ISSUES FINAL GUIDANCE ON DEPOSIT ADVANCE PRODUCTS

FROM:  FEDERAL DEPOSIT INSURANCE CORPORATION 
FDIC Issues Final Guidance Regarding Deposit Advance Products

The Federal Deposit Insurance Corporation (FDIC) today issued final supervisory guidance to FDIC-supervised financial institutions that offer or may consider offering deposit advance products. The guidance is intended to ensure that banks are aware of the credit, reputational, operational and compliance risks associated with deposit advance products and have taken steps to mitigate these risks effectively. This guidance supplements the FDIC's existing guidance on payday loans and subprime lending, as well as the FDIC's guidelines on small dollar loans.

FDIC Chairman Martin J. Gruenberg said, "The final supervisory guidance released today aims to alert financial institutions to the risks posed by certain deposit advance products and to encourage institutions to meet the demand for small-dollar loans through affordable products that are prudently underwritten and designed."

Deposit advance products are a type of small-dollar, short-term credit product that some depository institutions offer to customers maintaining a deposit account, reloadable prepaid card, or similar deposit-related vehicle. The customer takes out a loan, which is to be repaid from the proceeds of their next direct deposit. Deposit advance products share a number of characteristics seen in traditional payday loans, including high fees; short, lump-sum repayment terms; and inadequate attention to the consumer's ability to repay. As such, banks need to be aware that deposit advance products can pose a variety of credit, reputational, operational, compliance and other risks.

The FDIC recognizes the demand for responsible small-dollar credit products for consumers that are underwritten with attention to the customer's ability to repay the loan without needing to borrow repeatedly to meet necessary expenses. The FDIC's 2007 Affordable Small-Dollar Loan Guidelines encourage insured institutions to offer small-dollar loan products that have affordable, reasonable interest rates with no or low fees and payments that reduce the principal balance of the loan. If structured properly, small-dollar loans can provide a safe and affordable means for borrowers to transition away from reliance on high-cost debt products. A number of banks are currently offering such small-dollar loans to their customers. The FDIC encourages banks to continue to offer these products, consistent with safety and soundness and other supervisory considerations. The FDIC also encourages banks to develop new or innovative programs to effectively meet the need for small-dollar credit.