USTreasury Deposits

[Nashville]

I don't think this has been discussed on the board, but again I could have been asleep.

Govt has announced that all agencies dispersing money will be going to electronic deposits by March of 2011.

What does that do for our clients who prefer to get a paper check instead of electronic deposit into their account? If you listen to what the news says, they will no longer have that option.

Can anyone reflect further on this??

[ChEAr$]

IRS

I think has already announced something on this subject. Have you checked their web site?

[Snaggletooth]

Paper Checks Still an Option

The "calendar" for Electronic Filing published by IRS still gives the taxpayer the option to receive a paper check.

For example, if IRS accepts EFile return by Feb 24, 2011, Direct Deposit will be sent March 4, 2011 and a paper check mailed on Mar 11, 2011.

Doesn't stack up with the news report about "direct deposit required for payments from all Govt agencies." Wonder which is correct? Won't be the first time the left hand of govt doesn't know what the right hand is doing...

[Burke]

I thought he was talking about agencies like Social Security, etc.

[taxmandan]

Always before when the bureaucrats try to eliminate paper checks Congresscritters have walked it back with exceptions for tax refunds.

It wouldn't surprise me if someday theIRS announces a govt debit card (from a nationwide bank)to issue refunds to people without a bank account. It would give the former RAL banks a new source of fees to gouge low income filers.

[taxdude71]

I heard that same thing on the news the other day. After a little research, turns out they are talking about government employees and social security reciepents under 65.

You're right, alway exceptions.