Bankingcrisis managementIRS

Inability to update electronic banking with IRS

Self-serve Options

It seems that some of us were given inaccurate information about the ability to update personal bank accounts for the purpose of the Economic Impact Payment. As of today, this is what is posted on the IRS web page:

“If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.

2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.

2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let us know your new information.”

It appears that, as of now, electronic bank information is not as easily changed by a taxpayer as we were previously led to believe. There were verbal reports that the software would be updated with new capabilities today Friday April 17. That does not appear to be the case yet and one person called saying that he was unable to update his banking information online.

This appears to be a missed opportunity for cost savings by the Treasury and faster help to consumers.

Professional Preparer Options

The options and discussion above are for taxpayer with self-serve access. Other options appear to be available through a professional tax preparer:

  1. E-File a 2018 or 2019 return with banking information if you haven’t done so already.
  2. E-File a simple return for 2018 or 2019 with banking information if no return is filed or required.
  3. Amend a 2018 or 2019 tax return for a refund (some may do this anyway in response to CARES Act tax provisions) and include banking information.

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