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How Pilot Is Innovating Corporate Taxes for Millennial-Run Businesses – Page 6 (Feature Story) MARCH 2020 How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses – Page 6 (Feature Story) powered by ACI Worldwide, The Bancorp partner with Visa for real-time payment innovations – Page 10 (News and Trends) How to prevent lagging payouts from distressing U.S. taxpayers – Page 15 (Deep Dive) ® Disbursements Tracker Table ofOf Contents Contents WHAT’S INSIDE A look at the latest disbursements news, including how checks are still frustrating consumers during tax 03 season and why some firms are using gift cards to combat financial stress FEATURE STORY An interview with Waseem Daher, founder and CEO of corporate tax and bookkeeping firm Pilot, on why millennial business 07 owners expect digital disbursements for both their corporate and personal tax returns NEWS AND TRENDS The most recent disbursements headlines, such as freelancers’ struggles with California’s tax code changes and why 11 younger consumers are particularly vulnerable to check fraud DEEP DIVE An in-depth analysis on why tax services providers need to look closer at the financial benefits faster disbursements can 16 grant modern taxpayers, such as enabling them to pay down their debts or build their savings PROVIDER DIRECTORY 20 A look at the top companies in disbursements, including two additions: Lendify and Razorpay ABOUT 124 Information on PYMNTS.com and Ingo Money Acknowledgment The Disbursements Tracker® is done in collaboration with Ingo Money, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis. © 2020 PYMNTS.com All Rights Reserved 2 What’s Inside The April 15 tax deadline for United States citizens in terms of the payment methods available for tax is just one month away, meaning banks, tax firms payouts, however, as only 24.7 percent of U.S. con- and other payment providers are in for a busy time. sumers reported receiving instant government Taxpayers who have not yet begun wading through disbursements of any kind that same year. their 2019 documents and financial forms are Tax firms and payment companies are working scrambling to find providers that can help them to ease the 2020 tax season’s financial stresses file accurately so they can receive their refunds as as well as bring consumers onto their platforms quickly as possible. by implementing digital disbursements and add- Many states’ tax refunds still arrive via paper ing gift card promotions. These entities must also checks, however, meaning these consumers grant customers support and insights as they file, will likely face long waits even after completing with New Jersey and California lawmakers taking confusing filing processes. A lack of payment in- steps to ensure that providers can more transpar- novation can be especially irritating as taxpayers ently interact with filers and help them understand are exposed to more real-time and faster pay- local tax laws. Firms and agencies must deal with ments options in other areas of their financial tax misconceptions before they send refunds, too, lives, making them wonder why these processes as mistakes can set wait times back even more. are not available for their refunds. Same-day ACH Innovation and education are equally important for payments continue to grow in volume, with one a successful tax season, prompting providers to of- study finding that such transactions totaled $247 fer customers more comprehensive solutions that billion in 2019. There is still room for improvement © 2020 PYMNTS.com All Rights Reserved 3 What's Inside can grant them clarity into their financial situations, Worldwide. The move comes as real-time payments reduce frictions and enable faster disbursements. are becoming industry standard for many firms. Around the disbursements world For more on these stories and other disbursements headlines, read the Tracker’s News and Trends sec- U.S. consumers have been growing less tolerant of tion (p. 11). checks — especially when waiting for larger sums — for several years. A tax refund can be the larg- Innovating tax disbursements for the next est sum a taxpayer receives throughout the year, generation of businesses and waiting 21 days on average for such checks to Consumers are already trying to untangle compli- arrive is unacceptable for many. Other factors can cated tax scenarios like how side work affects their delay these windfalls, including missing or incor- taxes or whether they must fill out additional forms rect information, an issue becoming regular as tax for some investments, and long refund wait times laws evolve. Tax firms thus need to educate con- worsen these frictions. Such concerns can be es- sumers about law changes while expediting the pecially difficult to navigate for younger consumers refund process for better results. with less experience filing their taxes and less in- The frustration with checks is not limited to U.S. in- come to cover mistakes, and these challenges dividuals, though. Regulators in Singapore are also compound as they must file both personal and pro- attempting to strike the slow disbursement meth- fessional taxes. Many millennials are starting small od from its tax processes, encouraging residents businesses, and confusion can lead to missed pay- to receive refund payments through digital means. ments or unwanted delays. The city-state’s government has partnered with its Delayed check-based tax disbursements stress national banks to engineer such deposits for con- these business owners, as millennial business sumers and make the experience easier and more owners are approximately 14 percent more likely convenient for both parties, which do not desire to experience cash flow troubles than those who check payments' lengthy wait times. are baby boomers. This can be an issue when fil- Providers and government agencies are also inno- ing their business taxes, as incomplete returns or vating for speedier payments to serve customers. errors could cause slow refund processing and Card network Visa has partnered with financial harm their cash flows. Quickly answered questions technology provider The Bancorp to bring real-time and faster disbursements are thus critical to these payments to payment systems provider ACI companies’ successes, Waseem Daher, founder © 2020 PYMNTS.com All Rights Reserved 4 What's Inside and CEO of corporate tax and bookkeeping firm Pilot, noted in a recent interview with PYMNTS. Executive Insight This month’s Feature Story (p. 7) examines why digital disbursements are important to small to Why are checks still so popular for tax mid-sized business (SMB) owners, especially as disbursements, and how can tax firms handle the frustrations they cause? more millennials own and operate companies. Deep Dive: Lagging tax disbursements cause “Old-fashioned paper checks are still a widely used form of tax disbursement. No one will ever consid- financial strain er them to be the best, fastest or cheapest form of Checks’ weaknesses have been well-documented, payment, but [checks are] a tried-and-true method yet just 24 percent of U.S. consumers currently that meets the needs of everyone — including the unbanked and underbanked. But for many consum- receive their federal tax refunds digitally. All other ers and small businesses alike, it is no longer good taxpayers are forced to wait for checks, which can enough to receive a check simply because it works. significantly affect their financial health. Faster According to the IRS, the average refund check re- disbursements allow these customers to more ceived in 2019 was worth $2,849, with 44 percent of quickly pay off bills or larger debts, for example, U.S. taxpayers calling it their single highest payout of the year. Those funds are often already spoken for — and they can also help consumers gain insights to be used to pay bills or to make large purchases. For into their finances, potentially empowering them those that select checks, the frustration lies in the de- to invest in college funds, retirement plans or other lay of having to wait 21 days … to access those funds. savings. The Tracker’s Deep Dive (p. 16) analyzes While the IRS has been slowly moving away from why instant disbursements access is integral to checks [to] direct deposit, tax firms may even be able future financial successes — and why firms and to go one step further. By leveraging a disbursements marketplace platform like Ingo Money, [firms] would agencies must educate taxpayers to get the most have the ability to facilitate even faster access to re- from their tax returns. funds — and to an account that the customer chooses. As soon as the refund is issued, customers could have March Disbursements Tracker® updates funds sent directly to their bank accounts, [sent] to pay off credit card bills, [sent] to Amazon accounts, or The March edition of the Disbursements Tracker® even split amongst all of those places. includes profiles of more than 75 suppliers By providing an instant disbursement platform with and providers, including two additions: Lendify payment choice, tax firms could turn what could have and Razorpay. been a slow, frustrating experience into a faster, de- lightful one that keeps their customers coming back for years to come.” DREW EDWARDS CEO of Ingo Money © 2020 PYMNTS.com All Rights Reserved 5 What's Inside FIVE FAST FACTS Average number of days it takes U.S. consumers to receive their 21 tax refund checks Total value of same-day ACH $247B payments sent in 2019 Approximate portion of freelancers who have dealt with late or absent 71% payments from clients Share of U.S. consumers who 24% digitally receive government disbursements Increase of reported check 65% fraud in the U.S. since 2015 © 2020 PYMNTS.com All Rights Reserved 6 Feature Story © 2020 PYMNTS.com All Rights Reserved 7 Feature Story How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses Tax season frustrations can blossom into real fi- consumers’ refunds and earnings.
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