Rick’s Tax Corner: January 2021
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IRS again depositing stimulus payments in wrong bank accounts
The Internal Revenue Service is once again depositing the latest round of Economic Im-pact Payments in the wrong bank accounts in a replay of problems experienced last year by many taxpayers.
The problem stems in part from tax preparation companies that used temporary bank accounts in previous years where taxpayers could receive their tax refunds, while the tax prep companies took a portion of the refund for payment. The temporary bank accounts were later closed, but the IRS relied on the old information it had on file for those bank accounts when it began making direct deposits this week of the latest round of stimulus.
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