Wednesday, November 14, 2012

Tax Refund Debit Cards in Virginia

The Virginia Department of Taxation (TAX) is now offering two options for receiving individual state income tax refunds for 2012 returns: direct deposit and debit card. Notably absent is the option to receive a paper check.

The switch to debit cards was part of Virginia's budget legislation passed in the 2012 General Assembly session. One big reason for the move was to save money by reducing check printing and mailing costs, and the program is expected to reduce annual costs by $200,000.

The VSCPA has pointed out several groups for which the debit-card option is impractical, including deceased taxpayers, elderly taxpayers, minor taxpayers and out-of-state taxpayers.

What do you think? Will the cost savings with the new program outweigh the inconvenience for the groups mentioned above?

No comments:

Post a Comment

Thanks for submitting a comment on! We appreciate your engagement.