Mailing address: PO Box 1341 Whitehouse Station, NJ 08889
ACH - Automated Clearing House. It is the system used by banks and governmental agencies (e.g. IRS) to transmit money via direct deposits and debits.
Adjusted Gross Income (AGI) - An interim calculation in the computation of income tax liability. It is computed by subtracting certain allowable adjustments from gross income.
After-Tax Return - The return from an investment after the effects of taxes have been taken into account.
Alternative Minimum Tax - A method of calculating income tax that disallows certain deductions, credits, and exclusions. This was intended to ensure that individuals, trusts, and estates that benefit from tax preferences do not escape all federal income tax liability. People must calculate their taxes both ways and pay the greater of the two.
Asset - Anything owned that has monetary value.
ATM - Automated teller machine
Audit - The examination of the accounting and financial documents of a firm by an objective professional. The audit is done to determine the records' accuracy, consistency, and conformity to legal and accounting principles.
BBB - Better Business Bureau
Beneficiary - A person named in a life insurance policy, annuity, will, trust, or other agreement to receive a financial benefit upon the death of the owner. A beneficiary can be an individual, company, organization, and so on.
Bond - A bond is evidence of a debt in which the issuer promises to pay the bondholders a specified amount of interest and to repay the principal at maturity. Bonds are usually issued in multiples of $1,000.
Cash Alternatives - Short-term investments, such as U.S. Treasury securities, certificates of deposit, and money market fund shares that can be readily converted into cash.
CERCA - The Council for Electronic Revenue Communication Advancement, Inc. (CERCA) is a not-for-profit trade association founded in 1994. It represents a broad cross-section of the electronic tax filing, IRS systems modernization, and state electronic revenue communities.
Certified Public Accountant (CPA) - A professional license granted by a state board of accountancy to an individual who has passed the Uniform CPA Examination (administered by the American Institute of Certified Public Accountants) and has fulfilled that state's educational and professional experience requirements for certification.
CID (Criminal Investigation Division) - Division of the IRS that investigates potential criminal violations of the US Internal Revenue Code and related financial crimes in a manner intended to foster confidence in the tax system and compliance with the law.
Compliance - The act or process of complying to a desire, demand, proposal, or regimen, or with coercion. Conformity in fulfill official requirements.
CRA (Community Reinvestment Act) - Brings capital to low income borrowers, as well as to low income neighborhoods.
DAN - Depositor Account Number, otherwise known as the checking or savings account number.
Debt Indicator - (DI) is an indicator provided by the IRS. The DI indicates whether a taxpayer has outstanding debt that the government is authorized to collect from the tax refund (back taxes or government-agency debt).
Deduction - An amount that can be subtracted from gross income, from a gross estate, or from a gift, thereby lowering the amount on which tax is assessed.
Direct Deposit - A banking term used to refer to a certain payment system used to transfer money where a payment is initiated by the payer.
Dormant Checks - Checks that have not been issued and or cashed within the last 365 days.
Department of the Treasury - The executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions.
E-File - To file a tax return electronically.
FDIC - Federal Deposit Insurance Corporation - This covers deposit accounts, dollar for dollar, including principle and any accrued interest, up to the insurance limit per bank.
EFIN - Electronic Filing Identification Number - this number is assigned to tax preparers by the IRS to e-file tax returns.
ETIC - Earned Income Tax Credit - (EITC) is a refundable federal tax credit primarily for individuals and/or couples with qualifying children.
ERO - Electronic Return Originator is a person or firm that taxpayers entrust with tax information for the purpose of filing income tax returns electronically to the IRS.
FMS/ Treasury offset - Financial Management Service is a bureau of the US Dept. of Treasury. This agency operates the federal government’s collections and deposit system, to provide government-wide accounting and reporting services and to manage the collection of delinquent debt owed to the government.
Fraud - Is an intentional deception made for personal gain or to damage another individual.
IRS (Internal Revenue Service) - The US government agency responsible for tax collection and tax law enforcement.
Marketing Materials - Advertising materials that are available to tax preparers to promote their business.
NATP - National Association of Tax Professionals
OCC (Office of Comptroller of the Currency) - The office created to supervise banks and ensure that they operate in a safe and sound manner in compliance with laws requiring fair treatment of their customers and fair access to credit and financial products.
OTS (Office of Thrift Supervision) - The office designed to supervise, charter and regulate the thrift industry, which includes thrifts, savings associations, and saving and loans.
POA (Power of Attorney) - Has the power to act on someone else’s behalf in a legal or business matter.
P-Center - Processing Center
RT (Refund Transfer) - A product geared toward those couples or individuals who cannot or do not wish to pay out-of-pocket for Income Tax Return preparation and related costs. Upon receipt of the Income Tax Return refund from the IRS into the temporary account, authorized fees are deducted from the refund amount and disbursed.
Risk Analysis Group - Group dedicated to assist tax professionals with suspicious returns, identity theft cases, fraud, etc.
RTN (Routing Transit Number) - unique 9-digit number assigned to each financial institution as a member of the Federal Reserve Bank's ACH system.
SRT (State Refund Transfer) - The SRT is a convenient method for a taxpayer to receive their State Income Tax Return refund. The election of an SRT authorizes the State taxing authority to deposit the taxpayer's State Income Tax Return refund into a temporary bank account.
SSN - Social Security Number
Tax Credit - Tax credits, the most appealing type of tax deductions, are subtracted directly, dollar for dollar, from your income tax bill.
Taxable Income - The amount of income used to compute tax liability. It is determined by subtracting adjustments, itemized deductions or the standard deduction, and personal exemptions from gross income.
Unbanked - A person without a checking or savings account.
Under banked - People with a checking or savings account that rely upon alternative financial services.