Pathward Strengthens Tax Partnerships Ahead of Upcoming Season
Pathward, N.A., a prominent financial empowerment company in the U.S., has taken significant strides to prepare for the upcoming tax season. This initiative comes as Pathward's Professional Tax Solutions team has successfully finalized partnership agreements with key independent tax software providers. Their aim is to foster greater financial inclusion through robust services tailored for independent tax professionals and their clients.
Comprehensive Suite of Tax Solutions
Through various tax brands like EPS Financial and Refund Advantage, Pathward delivers an impressive array of tax-related services. These include tax refund payment processing, taxpayer advance loans, and customized merchant solutions. This holistic approach ensures that independent tax professionals have the necessary tools at their disposal to assist their clients efficiently.
Expanding the Network of Partnerships
Pathward’s networking strategy encompasses partnerships with a variety of influential software companies known for their collaboration with U.S. tax professionals. Some of the notable partners include:
CrossLink Professional Tax Solutions
Drake Software
Intuit
MyTAXPrepOffice
OLTPro
ProTaxPro.com
TaxSlayer Pro
Taxware Systems
Thomson Reuters
Wolters Kluwer TaxWise
Strategic Extensions and Innovations
One of the highlights in Pathward's recent partnerships is the three-year extension with Drake Software. This collaboration is crucial as it focuses on expanding financial access through innovative programs like the Pay by Refund initiative. This program allows clients to use their tax refunds to cover preparation fees, simplifying the payment process for professionals and enhancing the user experience for taxpayers.
Tax Filing Trends and Impacts
In recent years, a substantial volume of tax returns has been filed, emphasizing the importance of effective tax solutions. In the last tax year, a staggering 161 million individual 1040 tax returns were filed, with 85 million submitted electronically through tax preparation professionals. Of these, approximately 103 million refunds were processed, amounting to a collective value of around $310 billion. Pathward's vibrant partnerships play a crucial role in this ecosystem, supporting countless independent tax professionals who manage these transactions effectively.
Commitment to Financial Inclusion
Michael Lister, Division President of Pathward’s Tax strategic business line, highlighted the company’s dedication to financial inclusion, stating, "Our ongoing, strong relationships with all of our tax software partners underscore Pathward’s commitment to advancing inclusion and contribute to our collective success.” This sentiment reinforces Pathward’s commitment to ensuring that professional tax preparation services are accessible to all consumers.
About Pathward
Pathward, N.A., operates as a national bank and is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). This U.S.-based financial company focuses on building financial empowerment through its various product offerings. Pathward strives to enhance financial independence by providing broader availability and choices to individuals and businesses alike, ensuring that they have the necessary tools to navigate their financial journeys successfully.
Frequently Asked Questions
What services does Pathward offer for tax professionals?
Pathward provides tax refund payment processing, taxpayer advance loans, prepaid cards, and merchant services solutions to support tax professionals.
How does the Pay by Refund program work?
The Pay by Refund program allows tax filers to pay their preparation fees with their tax refund proceeds, making the payment process easier.
Who are Pathward's partners in the tax software space?
Pathward partners with various software providers including Drake Software, Intuit, and Thomson Reuters, among others.
Why is financial inclusion important for Pathward?
Financial inclusion ensures that more individuals have access to financial services, promoting economic growth and stability in communities.
What is the significance of the partnership renewal with Drake Software?
The renewal emphasizes Pathward's commitment to enhancing financial access for their clients and expanding their range of service offerings in the tax preparation industry.
