In celebration of National Small Business Week, ADP recently gathered insights from nearly 18,000 small business owners across the U.S. Their feedback—rich with practical advice and hard-earned wisdom—provides a timely opportunity for accounting professionals to better understand the mindset of today’s small business leaders. For accountants serving small businesses, this data isn’t just informative—it’s actionable. From HR strategy to compliance…
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The issues surrounding payroll have changed dramatically over the last two years. With a significant percentage of the population working away from the office—and like to stay away, many businesses now have a work force in more than one state, meaning tax compliance is more complicated. The Great Resignation in which millions have changed or are changing jobs having clients asking…
The new Easy Advance loan program from Republic Bancorp netted the institution $1.6 million for the first quarter ended March 31. The company brought in $5.2 in interest income from the program, offset by $3.6 million provision for loss on the loans. Meanwhile, the company's refund transfer business rose by 11 percent over the first quarter of 2015.
The Easy Advance program, offered through February 29, is typical of the new generation of tax loan products which have replaced Refund Anticipation Loans. Customers are limited to an advance of $750 and no fees are charged to the taxpayer. All fees are paid by the tax preparer, who is prohibited from passing them along to the customer. Customers also cannot be required to buy other bank products, such as refund transfers.
Republic said the $5.2 million in interest income came $123 million advances it originated.
Increased volume drove the 11-percent rise in refund transfer revenue, the bank said. Net income from those fees dropped to $1,261,000 for the most recently reported quarter, down 6.8 percent from $1,353,000 a year earlier.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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The new Easy Advance loan program from 
