Would you choose direct deposit this year if you knew it’s the most popular way to get a federal tax refund? What if you learned it’s safe and easy, and combined with e-file, the fastest way to get a tax refund? The fact is almost 84 million taxpayers chose direct deposit in 2013.

Still not sure it’s for you? Here are four good reasons to choose direct deposit:

Convenience. With direct deposit, your refund goes directly into your bank account. There’s no need to make a trip to the bank to deposit a check.
Security. Since your refund goes directly into your account, there’s no risk of your refund check being stolen or lost in the mail.
Ease. Choosing direct deposit is easy. When you do your taxes, just follow the instructions in the tax software or with your tax forms. Be sure to enter the correct bank account and routing number.
Options. You can split your refund among up to three financial accounts. Checking, savings and certain retirement, health and education accounts may qualify. Use IRS Form 8888, Allocation of Refund (Including Savings Bond Purchases), to split your refund. Don’t use Form 8888 to designate part of your refund to pay your tax preparer.

You should deposit your refund directly into accounts that are in your own name, your spouse’s name or both. Don’t deposit it in accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Check with your bank for their direct deposit requirements.

Have questions? Give us a call!!

IRS Tax Tip 2014-15, February 18, 2014

Overview of Tax Return Preparer Requirements

The chart below provides an overview of the various categories of individuals who may prepare federal tax returns for compensation.

Category	PTIN	Tax Compliance Check	Background Check	IRS Test	Continuing Education	Practice Rights
Enrolled Agents*	Yes	Yes	Proposals Pending	Yes (Special Enrollment Exam)	72 hours every 3 years	Unlimited
CPAs**	Yes	Yes	Proposals Pending	No	Varies	Unlimited
Attorneys**	Yes	Yes	Proposals Pending	No	Varies	Unlimited
Supervised Preparers†	Yes	Yes	Proposals Pending	No	No	Limited
Non-1040 Preparers‡	Yes	Yes	Proposals Pending	No	No	Limited

*Enrolled Agents have passed a three-part, comprehensive IRS exam covering individual and business returns. They must adhere to ethical standards and complete 72 hours of continuing education courses every three years. EAs have unlimited practice rights before the IRS, which means they can represent clients for any tax matter.

**CPAs and Attorneys have unlimited practice rights before the IRS.

†To determine if you are a supervised preparer, view the fact sheet

‡ If you only prepare Forms 1040-PR and 1040-SS, you are considered a non-1040 preparer