TurboTax Assists People Who Don't Need to File a Tax Return
References: pymnts & turbotax.intuit
In light of the COVID-19 pandemic and its global financial implications, online tax preparation service TurboTax has rolled out a stimulus payment tool in collaboration with the IRS. As of right now, there are roughly 10 million people in the United States who are not required to file taxes and about 80% of these individuals are eligible for a stimulus check.
The new stimulus payment tool is a digital solution that is intended to expedite the process of fund delivery to non-filers and "help people send the IRS a minimal tax return to ensure payment." The option for direct deposit is also available and strongly recommended. The tool is available at the TurboTax Stimulus Center.
Image Credit: YouTube Screenshot @PYMNTS Media
The new stimulus payment tool is a digital solution that is intended to expedite the process of fund delivery to non-filers and "help people send the IRS a minimal tax return to ensure payment." The option for direct deposit is also available and strongly recommended. The tool is available at the TurboTax Stimulus Center.
Image Credit: YouTube Screenshot @PYMNTS Media
Trend Themes
1. Digital Stimulus Payment Tools - The development of digital stimulus payment tools provides an opportunity to streamline the process of fund delivery to non-filers and those who do not need to file a tax return.
2. Minimal Tax Return - The concept of a minimal tax return presents an opportunity for disruptive innovation in tax preparation and filing services.
3. Direct Deposit for Stimulus Payment - The recommendation for direct deposit in stimulus payment tools offers an opportunity to innovate secure and streamlined payment systems for individuals and businesses.
Industry Implications
1. Online Tax Preparation Services - Through the creation and rollout of stimulus payment tools, online tax preparation services have an opportunity to streamline their services and expand their customer base.
2. Financial Services - The development of digital stimulus payment tools, minimal tax returns, and secure payment systems presents growth opportunities for financial services companies.
3. Government Agencies - Government agencies can leverage stimulus payment tools to streamline their processes for fund delivery and improve their overall efficiency in handling financial transactions.
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