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LA Issuing Tax Refund via Debit Card Not Check
– January 13, 2012
Effective with the 2011 tax year, Louisiana will no longer issue refund checks for individual tax overpayments. The state will issue a pre-paid debit card for all individual tax refunds unless taxpayers elect to have their refund electronically deposited into their bank account.
The new Louisiana MyRefund Card permits free teller-assisted withdrawals at all banks and credit unions, and can be used at any retail merchant accepting VISA. Taxpayers may also utilize any Chase ATM for no-fee withdrawals of the balance on the card. The MyRefund Card also has on-line service cababilities such as checking balances, online bill pay, and the ability to issue oneself a check for the card balance. The card is inactive when arriving in the mail, and will require calling a toll-free number for activation. Security and convenience are the two primary benefits of the card according to the Department of Revenue.
Taxpayers can avoid receiving their refund on the debit card by filing their state tax return electronically and electing to have their tax refund deposited electronically into their bank account.
More information can be found on the Louisiana Department of Revenue website.
Mark. D. Eldredge, CPA
Partner
Heard, McElroy & Vestal, LLC
318-429-2030
meldredg@hmvcpa.com
Mark has 25 plus years of tax and accounting experience with a concentration in state tax issues. Mark joined Heard, McElroy & Vestal in 1982 and is currently Partner-In-Charge of the firm's Accounting Services Department.
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