Some people found that their payments of up to $1,200 were sent to an bank account number they didn't recognize.
Americans are reaching out to tax preparers and lining up at their offices around the country toOne answer: The IRS sent those missing payouts to an intermediary bank account if a client got an advance on their tax return, tax professionals say.
The IRS said it is moving to provide additional information and resolve any issues as soon as possible.Natalie Parchment, a tax preparation consultant in the Washington D.C. area, has been inundated with calls and emails from clients wondering what happened to their payout.
A tax advance typically works like this: When a tax preparer does a filer’s return, they can loan them a portion of their refund in advance. The IRS will then send the actual refund to the preparer via a bank account set up in the filer’s name. The loan is repaid from the refund and the remaining portion of the refund is returned to the filer.
"The provider’s bank is supposed to refund the $1,200 payment back to IRS in these cases," says Evan Morgan, tax director at Kaufman Rossin.
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