by admin | Nov 15, 2014 | Tax Help
Direct Deposit Limits Direct Deposit Limits
From the IRS Newswire
In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three.
The fourth and subsequent refunds automatically will convert to a paper refund check and be mailed to the taxpayer.
Taxpayers also will receive a notice informing them that the account has exceeded the direct deposit limits and that they will receive a paper refund check in approximately four weeks if there are no other issues with the return.
Taxpayers can track their refunds at Where’s My Refund?
The vast majority of taxpayers will not be affected by this limitation, and we would encourage taxpayers and tax preparers to continue to use direct deposit. It is the fastest, safest way for taxpayers to receive refunds.
The direct deposit limit will prevent criminals from easily obtaining multiple refunds. The limit applies to financial accounts, such as bank savings or checking accounts, and to prepaid, reloadable cards or debit cards.
However, the limitation may affect some taxpayers, such as families in which the parent’s and children’s refunds are deposited into a family-held bank account. Taxpayers in this situation should make other deposit arrangements or expect to receive paper refund checks.
The new limitation also will protect taxpayers from preparers who obtain payment for their tax preparation services by depositing part or all of their clients’ refunds into the preparers’ own bank accounts.
The new direct deposit limits will help eliminate this type of abuse.
Direct deposit must only be made to accounts bearing the taxpayer’s name.
Preparer fees cannot be recovered by using Form 8888 to split the refund or by preparers opening a joint bank account with taxpayers.
These actions by preparers are subject to penalty under the Internal Revenue Code and to discipline under Treasury Circular 230 (also, see Circular 230 Tax Professionals page).
by admin | Nov 12, 2014 | Tax Help
Have you defaulted on an IRS payment agreement and received CP 523?
If you have had an IRS payment agreement and defaulted on the agreement there are ways and avenues to get your payment agreement reinstated.
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Understanding your IRS CP523 Notice
This notice informs you of our intent to terminate your installment agreement and seize (levy) your assets.
But, we can STOP this process immediately.
If you have defaulted on your agreement.
What you need to do – Contact us a soon as possible to stop all IRS action.
Do not contact the IRS unless you know what you are doing, someone does need to speak to them, know what you are getting into.
Read your notice carefully — it explains what to do now that you have defaulted on your installment agreement. Make sure IRS is correct, they could be wrong.
If someone does not respond – IRS will terminate your installment agreement and begin taking collection action, which can include filing a federal tax lien or seizing (levying) your wages and/or bank accounts.
If you speak to Internal Revenue Service and do not know their system please understand that IRS can an will increase your installment agreement.
By using a true tax professional they may be able to reduce your agreement or suggest the filing a tax debt settlement called an offer in compromise.
Please call us today for free initial tax consultation and hear the truth about the faulted IRS payment agreements.
This is the best free advice you’ll ever get.
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by admin | Nov 12, 2014 | Tax Help
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by admin | Nov 11, 2014 | Tax Help
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by admin | Nov 11, 2014 | Tax Help
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