Electronic income tax refund early payment system with means for creating of a new deposit account for receipt of an electronically transferred refund from the IRS

A method of operating at least one programmable electronic data processing machine comprising the programmed steps of:

• a) receiving inputted tax preparer data, tax return data and refund payment data from a tax preparer site prepared by a tax preparer and not the tax payer;
• b) creating electronic tax return data files from said tax return data;
• c) immediately after creating said electronic tax return data files, creating a new, previously unopened electronic deposit account files for said tax return data and said refund payment data to an authorized financial institution and the sole purpose of the account files if for receiving IRS funds to offset against the loan debit;
• d) designating said electronic deposit account file at said authorized financial institution as the recipient of electronic funds;
• e) electronically transmitting said electronic tax return data files to at least one tax collecting authority;
• f) authorizing receipt by said authorized financial institution of tax refund electronic fund transfers, based on said tax return data, from said tax collecting authority;
• g) processing said tax return data files and said electronic deposit account files and authorizing payment, at said tax preparer site, by said authorized financial institution from said deposit account files of a tax refund amount based on said tax return data upon completion of tax return processing and electronic fund transfer refund payment by said tax collecting authority,
• h) electronically closing said electronic deposit account file after payment of the tax refund amount from the IRS is received by said financial institution to the taxpayer.