DID YOUR TAX PREPARER GET YOUR STIMULUS CHECK?
Many have been puzzled as to why it seems their stimulus check direct deposit went to their tax preparer. Well, it DID NOT go to your tax preparer! The cause for this is, most likely, it went to the third party bank who issued your tax return check. Your tax preparer had no control over this, and neither did the third party bank. Don’t worry, this is being corrected! It just means there will be delays. Here’s more information on this topic below.
Stimulus Payment Delays
Many citizens are being affected by Stimulus Payment delays due to a glitch in the system. Every Tax Season a large number of American choose to pay for their tax preparation service out of their tax refund.
In order to comply with Federal regulations banning tax preparers from depositing customers refunds, tax preparation businesses partner with third party banks. These third party banks create temporary accounts, for the sole purpose of splitting refund checks between the customer and the tax preparer.
Stimulus Payments that were deposited to these temporary accounts are being send back to the IRS. The Government is aware of this problem and they are advising taxpayers affected by this delay to input their bank information to the “Get My Payment” portal on the IRS website, otherwise a check will be mailed.
Jayson M. Thornton
THORNTON Advisor LLC
1409 Washington Ave., #305
St. Louis, MO 63103
Office – (314) 776-9076
Fax – (314) 754-9389