The IRS does use Republic Bank as one of its authorized financial institutions for processing tax refunds. If you choose to have your software fees taken out of your refund, the refund amount will be sent by the IRS to Republic Bank, and then it will be deposited to your account.
Republic Bank is a trusted partner of the IRS and has been approved to handle tax refund processing. When you file your tax return using tax software, you may have the option to deduct the software fees from your refund instead of paying them upfront. This means that the refund amount you are eligible to receive will be reduced by the software fees, and the remaining funds will be sent to Republic Bank for processing.
Once the IRS sends the refund to Republic Bank, they will deposit the funds into your account. It is important to note that this process may take some time, as there may be additional steps involved in verifying and processing the refund. The exact timeline can vary depending on various factors, such as the accuracy of your tax return, any additional reviews or audits conducted by the IRS, and the volume of tax returns being processed.
It is worth mentioning that while Republic Bank is a reputable financial institution, they may have their own policies and procedures in place for handling tax refunds. It is always a good idea to familiarize yourself with their terms and conditions, as well as any fees or charges they may apply to the refund process.
If you choose to have your software fees taken out of your refund, the IRS will send your refund to Republic Bank for processing. They will then deposit the remaining funds into your account. It is important to be aware of any potential delays or fees that may be associated with this process.