Mastercard has announced partnering with Liberty Tax to offer direct stimulus payments and tax return funds through prepaid cardholder accounts to improve equitable access to those who need it most.
The move comes as Americans in need begin receiving Economic Impact Payments (EIP) via the U.S. Department of Treasury and Internal Revenue Service (IRS). Qualifying new Liberty Tax customers will receive 30% off tax prep fees, a $15 bonus, and an additional $15 credit when selecting the Netspend Liberty Tax Prepaid Mastercard to disburse tax proceeds.
“Millions of Americans have been excluded from Economic Impact Payments because they have either not filed a tax return or shared their payment information with the government. We are highly focused on bringing more people into the digital economy, and this offer is reflective of our commitment. Together with Liberty Tax, we are using this prepaid option to help those who need it the most,” said Linda Kirkpatrick, president of North America at Mastercard.
The workflow is as follows:
Make a tax appointment at libertytax.com.
Status check at government stimulus payment: irs.gov/coronavirus/get-my-payment.
File 2020 tax return with Liberty Tax. If a customer has not received prior stimulus checks, he may also need to file the previous year returns.
Get your card and receive your funds. On completion of tax preparation, elect to have tax return proceeds disbursed to a new Netspend Liberty Tax Prepaid Mastercard. On activation of the card, the applicable credit will be applied to the customer’s account within ten business days.
“As we have walked together through this global pandemic, Liberty Tax has remained dedicated to serving our customers. With each EIP, we worked with the IRS to ensure our customers received the money promised to them and this is another example of our efforts. We’re proud to work with Mastercard to get Americans the assistance they deserve and encourage anyone who has not yet received their payments to come into one of our offices to see how we can help,” said Brent Turner, CEO of Liberty Tax.
Besides Liberty Tax, Mastercard is working with partners to potentially enable the delivery of Economic Impact Payments to Americans who hold reloadable prepaid cards. Prepaid cards offer an array of benefits extending far beyond providing more equitable access to EIP. These cards fulfill customers everyday needs and are especially beneficial amid the pandemic providing them with a contactless option for in-person purchases.
All Mastercard prepaid cards include Mastercard ID Theft Protection which provides detection and protection against identity theft, including monitoring, alerts, and expert resolution. Individuals who choose to prepare their own tax returns can direct the IRS to deposit their refund and EIP to their existing reloadable prepaid card.