Under the opt-in program, once the suspected fraud is identified by the program-participating RDFI, the payment is returned back to Treasury Fiscal Service which routes the payment back to IRS for additional research. The IRS and Fiscal Service are currently using several different programs or processes to prevent or identify fraudulent returns as early in the process as possible.įirst, NACHA, The Electronic Payments Association, has implemented an opt-in program at the request of IRS and Treasury Fiscal Service to allow RDFIs to use a specific return reason code (R17) to return refunds where fraud is suspected. What are the benefits of selecting Direct Deposit of my tax refund? Simply provide your banking information to the IRS at the time you are submitting your taxes. Not using e-file? You can still get all the benefits of Direct Deposit by getting your tax refund deposited into your account. Looking for Information About Your Tax Refund?Į-file and sign up for Direct Deposit to receive your refund faster, safer, and easier! You can check the status of your refund using IRS’ Where’s My Refund? This resource page of frequently asked questions about IRS tax refunds provides financial institutions with useful information for reference while assisting customers during the tax filing season.įor other FAQs about Direct Deposit, download the Direct Deposit FAQs. Direct Deposit combined with IRS e-file provides taxpayers with the fastest and safest way to receive refunds. The Department of the Treasury's Bureau of the Fiscal Service and the Internal Revenue Service both encourage direct deposit of IRS tax refunds.
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