Electronic refunds limited to three per account / IRS service will be affected by ACA and budget cuts

Electronic refunds limited to three per account.
The IRS announces that, as part of its efforts to curb fraud and identity theft, it will no longer directly deposit more than three electronic refunds to a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive an IRS notice and a paper refund.

The IRS also warns that direct deposit must be made only to accounts bearing the taxpayer’s name.

IRS service will be affected by ACA and budget cuts.
IRS Commissioner John Koskinen has informed taxpayers that the Agency’s level of service to taxpayers is likely to decline, thanks to increased workloads resulting from the Affordable Care Act and cuts to the IRS’s 2015 budget. Taxpayers can expect longer waits in IRS responses to both written inquiries and phone calls. Refunds may also be delayed this year. The IRS will also have fewer resources to conduct audits, which may lead to lower revenue collection.

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Noel Dalmacio, CPA, CFP, MS TAX
30 Corporate Park, Suite 102.
Irvine, CA 92606

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