Taxpayers and tax filers face a lot of difficulties and have to go through complicated procedures for filing tax returns and getting the due refunds. In the era of Globalization 3.0, when advancement in technology has given a new life to every industry, the tax industry is not lagging behind.
Besides the conventional way of filing returns and paying taxes, technology-backed solutions are dominating the markets. Tax professionals and online tax service providers have increased, and they provide clients with sustainable and simplified solutions.
TurboTax, H&R Block, etc., are popular names when it comes to online tax software. TurboTax has been rated as the #1 tax app on app stores. The service provider has partnered with other tax service and financial solutions providers to further facilitate the taxpayers.
SBTG LLC is a tax financial solutions provider for tax professionals, tax service providers, and online tax software. They have collaborated with TurboTax and H&R Block to facilitate their taxpayers. In this article, we are going to talk about TPG products and the most frequently asked questions about TPG Products.
What Is TPG Products SBTPG LLC? (2022 Updated)
TPG Product SBTPG LLC is a company that was founded in 1991. It stands for Santa Barbara Tax Products Group or formally known as TPG. They have been serving the consumers with tax-related financial products and services.
The company identifies itself as a consumer-friendly service provider with fair pricing. It’s a business-to-business company, and most of its financial products are for tax-preparation franchises, independent tax professionals, and online tax preparation service providers.
The company is located in San Diego, California. Although founded in 1991, the company became a Green Dot Company in 2014.
If we talk about Green Dot Corporation, it is a wholly-owned subsidiary bank, Green Dot Bank. The headquarters of the company is in Austin, Texas. Whereas Green Dot Bank is headquartered in Prov, Utah.
What Services Do They Offer?
The company provides different products and services and support for the taxpayers and tax services providers. We will dive into the detail of what every service of TPG is about. So let’s get into it.
Here are different products of TPG:
Tax professionals and service providers can retain clients and attract more clients with the help of FastCash Advance. The FastCash Advance service is characterized by fast approvals to keep the pace of operations.
It’s a refund advance service that tax service providers can avail of up to $6,000. The approval rate of FastCash is also high. There is no ERO fee for the clients as they receive the IRS Acknowledged Fast Cash Advance via Go2Bank Visa Debit Card.
Auto collect is a solution for the tax professionals and tax service providers for the collection of dues from the clients. It’s a part of the Pay-By-Refund solution where clients choose to pay for tax preparation from the tax refund.
Many times IRS refunds take time, and delays are experienced. Besides, some clients are not entitled to refunds by IRS. In that case, the AutoCollect service by SBTPG will be responsible for collecting tax professionals’ fees from unfunded Refund Transfer Clients.
Pay-By-Refund is a service directly for the taxpayers and facilitates the tax professionals & tax service providers as they can offer different options to their clients.
Pay by refund option provides the taxpayers with an option that they can easily pay for tax preparation fees when the IRS issues a refund of their tax.
They don’t have to pay anything upfront when they avail of the option. IRS process refunds and it is received by TPG. TPG will deduct the processing fee & tax preparation fee of the tax service provider and issues the refund to the client.
Go2Bank Visa Debit Card
Go2Bank is a time-saving solution for issuing refund transfers to clients. Clients get instant notification when a refund is deposited in their accounts.
Tax professionals and service providers can focus on their core business and save time & cost by eliminating the need to print and issue checks to customers.
The main features of Go2Bank are:
- No monthly fees if eligible direct deposit is available
- Clients can get paid earlier for salaries & government benefits
- Overdraft protection
- Cashback of up to 7%
- You can cash checks with the app and get your money within 10 minutes
- A nationwide network of ATMs
Simply Paid For Tax Professionals
Tax professionals can get paid for their tax services in advance when customers choose pay-by-refund.
As soon as the return is acknowledged, 70% of the tax fee advance is issued to tax professionals and service providers via direct deposits. When a refund is issued by IRS, TPG deducts the amount of advance and deposits the remaining amount.
Pre Season Funds
Professionals can get pre-season funds to solve their credit problems. Whether you need the funds for supplies or office space, advertising, or staffing, pre-season funds make getting things on the right path easier.
Software Purchase Assistance
Tax professionals can pay for tax software without paying any upfront amount. However, you must qualify for software purchase assistance. The loan for software is repaid when you get paid by the customers. You must have processed at least 20+ returns in the last tax season.
What Does TPG Product stand for?
SBTPG, commonly known as TPG, stands for Santa Barbara Tax Products Group. It’s a tax intermediary company between IRS and tax professionals. Suppose a customer of TurboTax chooses to pay the tax return fee from a refund.
In that case, TPG will be responsible for collecting refunds, issuing a return fee to TurboTax, charging a processing fee, and issuing the client’s remaining funds. The company offers a number of other financial solutions for tax professionals and taxpayers, as we have mentioned above.
Why did I get a deposit from TPG products less than expected?
There can be several reasons why your refund deposit from TPG products was less than expected.
However, we can divide it into two broader categories: a processing fee and the tax return preparation fee are charged by the customers, resulting in a difference between the expected and actual refunded amount.
The second reason might be IRS initiated. There might be any debt offset, change in tax laws, or missing information in return.
A refund may be smaller than expected for one of two reasons: Customers who opt to pay their TurboTax fees by deducting them from their federal tax refund may notice a small service charge
How Long Does It Take for SBTPG to Release Funds in 2022?
As soon as IRS releases the refund deposit, the processing of money starts within 24 hours. Direct deposit can take up to 2 business days before you can see the effect in your bank account.
Where Did I Get a Deposit From SBTPG?
When you’re opting for a pay-by-refund option, you agree that Santa Barbara Tax Product Group will receive a refund from the IRS. However, you’re asked in the form to specify where you want to receive the refund.
Therefore, when the refund is finally ready to be deposited in your account, the company will use the provided information by a client.
How Much Does TPG Charge for Taxes?
The charges of TPG for the bank fee are $39.96. there can be other fee charges like from transmitters, service bureau, etc.
After including the effect of all charges, the average refund transfer fee elevates to around $86.95 per funded bank product. Additionally, your tax office can receive rebates and free software based on volumes.
What is ACH from TPG products?
ACH stands for “Automated Clearing House.” ACH is an electronic network used by banks and government agencies (e.g., IRS) to process financial transactions and transmit money via direct deposit.
What is a TPG cash card?
The TPG Cash Card, formally known as Walmart MoneyCard is the first card by the Company that enables clients to get cashback rewards of up to 75$ per year. Every cardholder is entitled to 500 chances to win per month by putting cash in their Walmart MoneyCard Vault. Whenever they shop at Walmart, they’re eligible to get cashback.
How do I know if TPG received my refund?
You can log on to www.taxpayer.sbtg.com to know if you’ve been refunded. The website has all details about refund disbursement status. the information includes any fee charged by TPG, the amount withheld from the refund, etc.
We have discussed everything about TPG products, how tax professionals and service providers can take advantage of the financial solutions, and more. You can choose from several services as advertised by Santa Barbara Company.
However, it’s important to understand their conditions fully before you decide to proceed with it. The high processing fee might frustrate your clients, which happens a lot in the case of TurboTax.