Proseries Loan Options: What You Need To Know

ProSeries is an accounting software that offers a range of features to help businesses and tax professionals. One of the key features is its integration with Intuit's Pay-by-Refund, which allows clients to pay for tax preparation services directly from their refunds. While this is not considered a loan, ProSeries has been mentioned in discussions about loan applications, particularly PPP loans, where some firms have considered applying for loans to support their ongoing operations during times of economic uncertainty. Additionally, there are mentions of loan options through Refund Advantage, where customers can apply for cash advance loans of up to $1,000 per taxpayer with a 36% interest rate.

ProSeries and PPP loan applications

ProSeries is a software offered by Intuit Accountants that helps accountants with payment collection. It is not clear if ProSeries provides loans, but it does offer a Refund Advantage program that provides cash advance loans of up to $1000 per taxpayer. Additionally, ProSeries users can use the software to apply for PPP loans for their small firms. The PPP loan is a loan offered by the Small Business Administration (SBA) to help small businesses keep their staff employed during the COVID-19 crisis. To be eligible for the PPP loan, a business must not have suffered any revenue loss and must not have applied for any other loans. The application for the PPP loan can be submitted through the SBA direct forgiveness portal, and the borrower can check their application progress through the same portal. The application must be submitted in English.

The PPP loan forgiveness process requires borrowers to provide additional documentation. This includes documentation for all payroll periods that overlapped with the Covered Period, such as bank account statements and third-party payroll service provider reports. Tax forms and state quarterly business and individual employee wage reporting for the periods overlapping with the Covered Period are also required. The borrower must also report any qualified wages in the payroll costs entered on the loan forgiveness application, as this will affect the amount of qualified wages that can be used to claim the Employee Retention Credit.

ProSeries also offers QuickCollect, which gives clients the option to pay accountants out of their refunds. QuickCollect is not considered a loan because no loan is given and no interest is charged. However, it provides an easy way for accountants to get paid, as they receive payment directly from the client's refund. QuickCollect also offers a Refund Card option for clients who do not have a bank account, allowing them to receive their refund faster.

In conclusion, while ProSeries itself may not provide loans, it offers tools and resources to help accountants with payment collection and access to loan options such as the Refund Advantage program and PPP loans. ProSeries also provides features like QuickCollect that facilitate easy payment collection for accountants.

ProSeries and Refund Advantage loans

ProSeries is an accounting software offered by Intuit that provides payment collection services for accountants. One of the key features of ProSeries is QuickCollect, which allows clients to pay accountants directly out of their refunds. This option is particularly useful for clients who do not have a bank account, as it offers them the convenience of receiving their refunds faster and ensures that accountants get paid in a timely and efficient manner.

While ProSeries itself does not offer loans, it has partnerships with Santa Barbara Tax Products Group (TPG) and Refund Advantage to provide tax-refund related loan options for clients. These partnerships allow accountants to offer their clients cash advance loans of up to $1,000 per taxpayer through the Pay-by-Refund program. It is important to note that ProSeries QuickCollect is not considered a loan because no loan is given, and no interest is charged. The bank fee for this service is paid by the preparer.

Refund Advantage is a separate company that specializes in tax refund products. They offer Refund Transfers and Refund Advance Loans to independent tax professionals. The Refund Advance Loan is provided by Pathward, N.A., Member FDIC, and is subject to eligibility and approval. The loan amounts can vary from $250 to $7,000, with interest-based applicants receiving an average loan amount of $2,003.41. The $7,000 loan is available only to well-qualified applicants with a minimum expected tax refund of $9,569.

It is important to note that there have been some limitations and discrepancies reported by users regarding the loan amounts offered through the partnership between Refund Advantage and Intuit. While Refund Advantage typically offers loans up to $6,000 through other platforms, there seems to be a limitation of $1,000 for loans obtained through the ProSeries Professional for the MetaBank Refund Advantage program. Additionally, customers are required to sign off on a document agreeing to a 36% interest rate for loans greater than $1,000.

ProSeries QuickCollect

QuickCollect is not considered a loan because no loan is given and no interest is charged. The bank fee is paid by the preparer. If your client does not have a bank account, you can choose the Refund Card option provided by TPG (Santa Barbara Tax Products Group).

QuickCollect is offered in partnership with TPG, and is available to eligible ProSeries, Lacerte and ProConnect Tax customers for a limited time only. To be eligible for free ProSeries software, new customers must show proof of a minimum of 50 federal-funded refund transfer transactions from the prior Tax Year, complete a minimum of 50 federal-funded Pay-by-Refund transactions through Participating Banks by the 1040 tax filing deadline each Tax Year, and file the first federal Pay-by-Refund transaction within the first week of e-File each year of the Term.

With ProSeries QuickCollect, you can build capacity, grow your business and increase productivity when you work with tax experts vetted by Intuit.

ProSeries and Pay-by-Refund

ProSeries is a software by Intuit that offers a range of features to help tax preparers. One of the key features is QuickCollect, which allows clients to pay tax preparers directly out of their refunds. This means that clients don't have to pay for tax preparation fees out-of-pocket, and tax preparers can get paid faster and more efficiently.

QuickCollect is not considered a loan because no loan is given and no interest is charged. The bank fee for QuickCollect is paid by the tax preparer, and the refund is typically deposited into their account within 10-21 days.

In addition to QuickCollect, ProSeries also offers Pay-by-Refund as a payment option for clients. Pay-by-Refund is available through Refund Advantage and Santa Barbara Tax Products Group, and it offers cash advance loans of up to $1,000 per taxpayer. There is a one-time bank setup fee of $59.90 for Refund Advantage and $64.90 for Santa Barbara Tax Product Group, which is withdrawn directly from the client's refund along with the tax preparation fees.

With Pay-by-Refund, clients have the option to choose between direct deposit, check, or prepaid bank card for receiving their refund. Enrolling in Pay-by-Refund can be done conveniently through the My Account login or within the ProSeries software. This option provides an easy way for tax preparers to get paid without their clients having to incur upfront costs.

Overall, ProSeries offers a range of payment options, including QuickCollect and Pay-by-Refund, to provide flexibility and convenience for both tax preparers and their clients. These options help streamline the payment process, improve cash flow, and enhance the overall client experience.

ProSeries and Intuit

ProSeries is a software offered by Intuit, a company that provides financial management solutions for accounting and tax management. The software is designed to help accountants streamline their work and better serve their clients. One of the key features of ProSeries is its integration with Intuit's payment collection solutions, QuickCollect and Pay-by-Refund.

QuickCollect by Intuit is a payment collection solution for accountants that allows their clients to pay directly out of their refunds. This means that clients don't have to worry about paying tax prep fees out of pocket, and accountants can be assured that they will receive payment when their client receives their refund. QuickCollect is not considered a loan because no loan is given, and no interest is charged.

Pay-by-Refund is another payment collection option offered by Intuit. It is available through Refund Advantage and Santa Barbara Tax Products Group, and it offers cash advance loans of up to $1,000 per taxpayer. This option provides clients with the convenience of strong identity theft protection and restoration, bringing peace of mind. Pay-by-Refund is available to eligible ProSeries customers for a limited time.

In addition to these payment collection solutions, ProSeries also offers other features to help accountants work more efficiently and securely. For example, ProSeries software can be put on the cloud, providing built-in security, automatic backups, and reducing IT stress. It also allows users to securely sign documents from any online device and protect their clients from audits, tax notices, and identity theft with $1 Million Tax Audit Defense™.

ProSeries by Intuit appears to be a comprehensive solution for accountants, offering features that streamline payment collection, enhance security, and provide peace of mind to clients. While ProSeries itself does not offer loans, its integration with Intuit's payment collection solutions provides accountants and their clients with flexible payment options.

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