The Inspector General of the FDIC recently appeared in front of the Committee on Financial Services on March 16th. The hearing questioned the FDIC’s tactics in “targeting Refund Anticipation Loans through abusive and unfair regulatory practices.”
In December of 2015 the Protecting Americans from Tax Hikes Act (PATH Act) was signed into law. The PATH Act made a handful of tax extenders and incentives permanent, including the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC).
A Tax Administration report from the Treasury Inspector General estimates that $15.6 billion in Earned Income Tax Credit payments were wrongfully paid out in fiscal year 2015.
The IRS announced in April that taxpayers can now pay their owed taxes at more than 7,000 7-Eleven stores across 34 states.
Many employers and employees find using a payroll card to be intimidating. According to CreditCards.com, “it pays to know these five things about payroll cards” before utilizing one:
Direct deposit has officially taken over the payroll market! According to the NACHA, 75% of all employees utilize direct deposit, whether it is to a traditional bank account or a payroll card account.
Over $200 billion in retail purchases were made with a prepaid card in 2014. Now, over five percent of all retail purchases are made using a prepaid card, whether it is a payroll card, a general reloadable card, or an incentive card.
New York Attorney General Shneiderman introduced the Payroll Card Act to state legislation in 2015 in response to the Attorney General Labor Bureau Report on payroll cards.
Do you ever find yourself asking, who are my best customers? Or, how am I doing relative to my competition?