It’s December and we’re closing in on the new year, what you might imagine would be the slowest time of the year for tax folks. But not for us at Collective. We’re busy as ever, rolling out new features for our platform that are designed to improve and streamline our member’s experience.
Some of these are items our members have been asking for. Some of them are new. And all of them reaffirm our commitment to provide the most responsive, agile, transparent financial service platform possible.
Tax Tracker (coming January 2021)
One of our members’ primary concerns is a really obvious one: Where is my tax refund? We get it! It’s your money, you earned it, the government has it, you’ve submitted your tax return, and now you should have a check in hand.
As we all know, the IRS works in mysterious and often lengthy ways. And with the rippling effects of the ongoing pandemic, the IRS has been slower than ever to process returns and issue refunds.
We’re introducing a Tax Tracker module to our Member Dashboard so our members can track their tax return status in real-time. Tax Tracker shows your tax return process in detail. Here’s how it works:
- Starting in January 2021, Collective will start processing members’ tax returns. Members will be notified by email when we begin their business and/or individual tax return.
- Members can see their tax return status by logging into their Dashboard. The Tax Tracker module will be labeled at the upper left with the latest return(s) submitted. For example, “2020 Individual Tax Return.”
- The Tax Tracker module will display the status of the latest return, ranging from “We’re starting on your Individual Tax Return” to “Your Individual Tax Return is complete!”
- Any important instructions or notifications will also be listed, like missing documentation or an issue with the return.
- After your tax return is submitted, your refund status will be displayed in this module and updated in real-time.
Connections to any bank account from your dashboard
Very soon, members with any bank or credit union will be able to connect their account to the Collective Dashboard and access all their bank’s features and functionality.
As of today, most members have access to Collective’s bank dashboard features but some members have accounts at banks or credit unions that don’t currently support our partner, Plaid’s, instant authentication system. This new functionality will enable everyone to take full advantage of Collective’s financial management features.
New foreign registrations beyond the current states we support
When our members change the location of their businesses, there’s more than logistics at stake. The unknowns of a move also impact your financial planning, and we want to ensure that our clients have legal, compliance and tax help no matter which state they’re operating from.
That’s why we’re partnering with RASI to help our clients move their businesses more smoothly and ensure that we can support our members beyond the ten states in which Collective currently operates.
Keep an eye on this blog to read about new features as we introduce them.