No More IRS Refund Checks
- Income Tax Info
- 4 minutes ago
- 2 min read
Why is this happening?
The rise of electronic payments. That's a good thing.
Electronic refunds are more cost efficient and faster than nonelectronic payments, which can take six weeks or longer to process.
What does this mean for taxpayers?
Nothing new. Taxpayers should continue to file their tax returns as they normally would, using one of the existing filing options. But refunds will no longer be issued by check. As a result, taxpayers should have all of their banking information available when filing their returns.
Most tax refunds will be delivered by direct deposit or other secure electronic methods, but there will still be alternative options available, such as prepaid debit cards or digital wallets, for taxpayers who do not have access to a bank account.
What if I owe the IRS?
The IRS will still accept(and cash) checks used to make tax payments.
Taxpayers should continue to use existing payment options until further notice but the IRS is strongly encouraging individuals and businesses to use electronic payment options, since they are easier, faster, and more secure.
The IRS offers the following electronic payment options:
IRS Direct Pay, which pays the IRS directly from your bank account without fees
Electronic Federal Tax Payment System (EFTPS), a free system offered by the U.S. Department of the Treasury to pay your federal taxes
IRS2Go, an IRS mobile app for easy and secure mobile payments
Debit card, credit card, or digital wallet
To learn more and for help determining the best refund or payment method for you, contact MNM Vested, LLC.
