The Internal Revenue Service, commonly referred to as the IRS, facilitates direct deposit into a bank account for tax refunds when requested. According to the IRS website, taxpayers in 2014 who use an e-file service and request direct deposit typically receive refunds in as little as 10 days.
Official tax forms contain instructions for the direct deposit process, and e-file websites offer it as a standard option. Details are provided in IRS Publication 17, available in paper or digital form. File the refund request using Form 8888, titled "Allocation of Refund." It is possible to split refunds into as many as three checking or savings accounts, in up to three separate U.S. financial institutions.Learn More
The California Franchise Tax Board functions as the administrator for two California tax programs: the Corporation Tax program and the Personal Income Tax program. Other programs under the FTB's jurisdiction include the City Business Tax program and the Substandard Housing program.Full Answer >
Closing costs are the expenses that a buyer of a property incurs in addition to the price of the property. Closing costs are also referred to as settlement costs. Closing costs include loan origination fees, appraisal fees, title insurance and taxes.Full Answer >
An audit is a process that the Internal Revenue Service uses to check that the numbers of an account correspond with the tax return. While the IRS chooses to audit those with suspicious activity on their returns, there are also audits on a random sample of people and companies.Full Answer >
Social Security tax is a tax applied to income generated from labor. The tax is also known as the Old-Age, Survivors and Disability Insurance, or OASDI.Full Answer >