04/15/2020
To all of my tax clients that used a bank product on their most recently filed tax return (2018 or 2019) and received a refund on that year:
Many stimulus payments were directly deposited today, April 15.
However, the tax banks that provided refund advances to some or that were used to offset upfront payment of fees or to simply provide direct deposit to those without bank accounts, ARE NOT forwarding those payments UNLESS in some cases a reloadable card was issued to you (the banks are saying "no" to all but I'm hearing rumors that some did get through somehow). I used Tax Ptoducts Group (TPG) in 2018 and EPS Financial in 2019. Those who received cashier's checks whether for the advance or the full refund will definitely NOT be receiving their direct deposit today, regardless of what the IRS Get My Payment tool states. It's my understanding that the tax banks that provided the refund or refund advance products are automatically returning those payments to the IRS for the IRS to resend out either by check within 15 days or by another bank account being provided online by the taxpayer.
FORTUNATELY, the VAST MAJORITY of my clients do NOT use bank products and instead receive direct deposit of their full refunds straight to their accounts. If you are one of these clients, please go to irs.gov/coronavirus/get-my-payment to check the status of your payment.
Agsin, if it shows the stimulus payment was deposited today and you used a tax product in part or in full to receive your most recently filed refund for 2018 or 2019, the tax banks are not involved in forwarding the funds to the taxpayers, therefore, it will be returned to the IRS. This is a REALLY bad loophole left open in the distribution process. EVERYONE should have had the opportunity to update their banking info before the first payments were scheduled, yet the tool came out as the first payments were already scheduled and there was no option for the first wave to update their banking information. SMH
Use Get My Payment to get information about your payment status and payment type.
