Irs Sent Millions Of Payments To Wrong Bank Accounts
One reason millions have not received the payments yet is because the IRS “inadvertently sent payments to over 13 million bank accounts that are no longer open or valid,” according to tax preparer Jackson Hewitt.
Other tax preparation companies, including Republic Bank Taxpayer Solutions, TaxAct, Chime and TurboTax, have also released statements blaming the IRS for the mix-ups and delays in stimulus payments.
“Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment,” TurboTax wrote in a statement Wednesday. “We have been working tirelessly on a solution with the Treasury and the IRS.”
The company expects that the checks will be deposited to the right accounts “within days.”
While the tax companies are working to reassure customers, the IRS has not acknowledged the mistakes directly, saying only that issues may arise because the agency has to send out all of the payments by Jan. 15. The agency has not answered specific questions about the issues from CNBC Make It, instead directing reporters to the FAQ section about the payments on its website. It has not clarified why or how so many payments were sent to incorrect bank accounts.
“Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or is or no longer active,” the agency says.
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How The Advance Child Tax Credit Payments Will Work
As part of The American Rescue Plan Act, an economic stimulus measure, signed into law early this year, the Child Tax Credit has been increased. Normally, tax filers must wait to file their income tax returns to receive the Child Tax Credit, but now eligible families will be able to get the funds distributed to them monthly, starting July 15, 2021 and continuing monthly until the end of the year.
Payments will be distributed via direct deposits or paper check For additional details on the Child Tax Credit please visit www.irs.gov.
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Where Is My Stimulus Check Update
As of this week, the Federal government has begun the process of releasing Economic Impact Payments to taxpayers via the IRS. Although most of these payments are expected to go directly to taxpayers , we have so far received notification that payments are being sent to Republic Bank for approximately 6% of our bank product customers. With many tax offices closed and no fees or other amounts being deducted from these payments, we are printing and mailing these checks at our expense directly to the taxpayers at the mailing address on file rather than sending them back to the IRS which could cause further delays.
Ideally, these payments would have been issued directly to the taxpayers from the IRS and we recognize that for some tax offices and some customers, the process described above will not be ideal for their specific situation. However, in this unprecedented situation, we have chosen to proceed with the option that will get these much-needed funds out to the majority of customers as quickly and efficiently as possible.
If the customers check has already been sent to print, the tax preparer or taxpayer will need to submit a Stop Payment Form to have the check reissued. We recognize customers in this situation may not be pleased, however, this will still be much faster than receiving a check directly from the Federal Government which are not expected to be issued for several weeks.
Be On The Alert For Economic Impact Payment Scams
Scammers and identity thieves are already taking the opportunity to prey upon taxpayers with phone calls, text messages and emails. Here are some answers to common questions related to fraud. Victims or targets of Economic Impact Payment scams should report it immediately to the Federal Trade Commission at www.ftc.gov/complaint.
Will the IRS call me asking for my bank account information?
No, the IRS and other government agencies will never call asking for your Social Security Number or banking information. Do not provide your SSN or bank account information to anyone calling you and claiming to be from the IRS or another government agency.
Will the IRS text or email me asking to verify my bank account information?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Do not click on a link or email if you do not recognize who it is from. The IRS will never text or email you asking to provide your bank account information or verify your bank account information.
Am I required to sign up or pay a fee in order to receive an Economic Impact Payment?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Taxpayers that filed their 2019 tax return are not required to sign up or pay a fee in order to receive an Economic Impact Payment. Please visit the IRS website for more details.
Will the IRS mail me a notification?
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The Netspend Visa Prepaid Card is issued by The Bancorp Bank, MetaBank®, National Association, and Republic Bank & Trust Company, pursuant to a license from Visa U.S.A. Inc. The Netspend Prepaid Mastercard is issued by The Bancorp Bank, MetaBank, N.A., and Republic Bank & Trust Company pursuant to license by Mastercard International Incorporated. The Bancorp Bank, MetaBank, N.A., and Republic Bank & Trust Company Members FDIC. Please see back of your Card for its issuing bank. Netspend, a Global Payments Company, is a registered agent of The Bancorp Bank, MetaBank, N.A., and Republic Bank & Trust Company. The Netspend Visa Prepaid Card may be used everywhere Visa debit cards are accepted. The Netspend Prepaid Mastercard may be used everywhere Debit Mastercard is accepted. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to funds availability and ID verification. Transaction fees, terms and conditions apply to the use and reloading of the Card Account. See Cardholder Agreement for details.
How To Keep Safe
The key thing every expert said people should be aware of is that the IRS will almost never contact you directly about the stimulus checks. On March 30, the Treasury Department and the Internal Revenue Service announced that “distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.”
Because of this, Kipp said people should never give out personal information. While it may seem obvious not to give out sensitive information like Social Security numbers and bank account information, even basic information like emails and passwords can be valuable for cybercriminals looking for ways into your accounts.
“The fact of the matter is, the vast majority of people don’t need to take any action at all. The IRS is going to be using information already on file, but if you’re unsure that they have the correct information or if you think there may be some discrepancy anywhere, don’t fall victim to these calls or emails. Just go to IRS.gov/coronavirus. They set up a page specifically for this in an effort to help protect citizens who are vulnerable to these scams,” Kipp said.
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If You Filed Your 2018/2019 Taxes With Taxact And Used Republic Bank To Pay Fees Out Of Your Refund Your Second Stimulus Payment Was Likely Bounced Back To The Irs
It seems like there aren’t many people who used this service compared to Turbo Tax so I’m feeling pretty defeated at the moment – I don’t think they’re going to do shit since there’s hardly any pressure on Republic Bank. They actually updated a section of the notice, instead of saying that it should be mailed out soon, it says this deflating bit of information:
“For the most current information and to check the status of your payment, go to IRS.gov/eip. If the Get My Payment tool shows Payment Status #2 Not Available or you have not received your payment by the time you file your taxes in 2021, you are encouraged by the IRS to claim the Recovery Rebate Credit on your 2020 Tax Return.”
Thanks for the encouragement, fuckers.
From the site’s popup notice:
Republic Bank And Trust Stimulus Check
They’ll say things like ‘update your direct deposit information here’ and then try to reroute those funds,” Wright said. For anyone with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds, and single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
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Follow other customers in the midst of the same issue or find a prior solution.
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Cybersecurity Experts Warn Of Scams Targeting Coronavirus Stimulus Checks
Cybercriminals are already looking for ways to steal government assistance designed to help those struggling because of the COVID-19 pandemic.
Millions of Americans and businesses rejoiced when the $2 trillion Coronavirus Aid, Relief, and Economic Security Act was signed into law March 18. The law is part of a larger effort by the US government to help people and businesses that have been harmed by efforts to stop the spread of the coronavirus pandemic.
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How The Third Stimulus Payments / Economic Impact Payments Will Work
As part of the American Rescue Plan Act of 2021, you may be eligible for a stimulus payment if you filed a 2019 or 2020 tax return, or are an eligible senior or retiree. The stimulus payment amounts may vary depending on your filing status and can be up to $1,400 for individuals or heads of household and $2,800 for married couples filing jointly. Parents may also receive a $1,400 payment for each qualifying child. Consult the IRS website to find information about your anticipated amount, if any.Stimulus payments may be disbursed by the IRS by direct deposit using the bank account information you provided in your most recent tax filing. Alternately, a check or a pre-paid debit card may be mailed using the mailing address on your most recent tax filing. Similarly, if you receive Social Security or other government-funded benefits by direct deposit, your stimulus payment will be sent to the same bank account as your retirement or pension payments.The IRS will distribute payments in waves over multiple weeks beginning as soon as March 17, 2021. We will update information here as we receive additional details.
If you are a California resident, and are interested in learning about Golden State Stimulus and Golden State Grant Program .
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Stimulus Scams Will Resemble Tax Scams
Millions were thrown into extreme financial distress because of the coronavirus pandemic, which essentially shut down the travel and hotel industries while crippling restaurants and other businesses that require in-person contact. Even companies not involved in those industries have been forced to furlough or lay off millions of workers, leaving many in desperate need for financial help.
A number of cybersecurity experts said the scams will resemble the typical IRS and tax season scams that have become increasingly common over the past decade.
Criminals have long sought to steal tax returns and other government assistance through a variety of methods, but with the coronavirus pandemic putting millions in financially stressful situations, people are particularly susceptible to falling for a variety of scams designed to lure people into either handing over personal information or gaining access to bank accounts.
The IRS, FBI, and other government agencies have already put out notices warning people to be on the lookout for schemes designed to steal their money.
IntSights cyber threat analyst Charity Wright and chief security officer Etay Maor both said people should be ready for stimulus check-related scams in the coming weeks and months.
Maor noted that many people are getting communications from the government right now because it also happens to be tax season and the 2020 Census is being held as well.
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