COVID-19 payouts

[pmbrou]

One of my clients heard that if IRS does not have their bank information (he has had balance due for last 3-4 years and pays by check) then they should get it to them.

a.  Since my client's bank information is on the Pro Series Information Worksheet, is the bank info efiled to IRS even though there is a balance due to be paid with 1040-V.

b. If not, has anyone heard of how IRS can be notified of a client's bank info so the COVID payments can be direct deposited?

Thank you.

[abctax55]

There's this thing called the USPS - perhaps your client has heard of it?

[BobKamman]

I just saw this in Politico's morning tax letter (it's free, you should subscribe):

But what if the IRS doesn't have any record of your bank account? "We will create a web-based system for people where we don't have their direct deposit, they can upload it, so that they can get the money immediately as opposed to checks in the mail," Mnuchin said on CBS' "Face the Nation."

Treasury didn't respond Sunday to a request for further information about that online tool — specifically who is going to develop it, and how quickly it can be up and running. The IRS announced on Friday that it was shutting down some online and telephone help desks because of limited staffing options, 

[George4Tacks]

https://www.huffpost.com/entry/mnuchin-coronavirus-stimulus-checks_n_5e80b7b4c5b6cb9dc1a1fe52

"We will create a web-based system for people where we don’t have their direct deposit, they can upload it, so that they can get the money immediately as opposed to checks in the mail,” Mnuchin said.

Let's just hope Mnuchin talked to those that do this type of thing before he opened his mouth.

[IRonMaN]

Where are people hearing all of this stuff if most of the barbershops are closed?  

[rbynaker]

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@George4Tacks wrote:

https://www.huffpost.com/entry/mnuchin-coronavirus-stimulus-checks_n_5e80b7b4c5b6cb9dc1a1fe52

"We will create a web-based system for people where we don’t have their direct deposit, they can upload it, so that they can get the money immediately as opposed to checks in the mail,” Mnuchin said.

Let's just hope Mnuchin talked to those that do this type of thing before he opened his mouth.

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All the hackers must be drooling over this.  What a great idea, a website where I can feed in all these SSNs I bought on the dark web and then have their money put into my bank account! <smh>

The federal government only gets hacked a few times a year so I'm sure by now they know how to secure this and validate folks' identity.  Right?  I'm from the government and I'm here to help.

[pmbrou]

Who is the " we" in "we will create......"

[abctax55]

Gotta be either IRS or some arm of the US government.

Or, maybe Mnuchin's 16 year-old nephew/niece/grandkid?

[BobKamman]

Not the 16-year-old.

So we can be sure it won't be done.  

[itonewbie]

Lol, IRS has put that on their official website.  Since we're into interpreting tax law, perhaps the operative word here is "plans", which may or may not materialize.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

[rbynaker]

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@itonewbie wrote:

Lol, IRS has put that on their official website.  Since we're into interpreting tax law, perhaps the operative word here is "plans", which may or may not materialize.

Are you suggesting that the best-laid plans of mice and Mnuchin often go awry?

[itonewbie]

I'm sure they're doing everything they can given all that's going on.  But with the IRS more short-handed than ever and their computers running on COBOL, 3 weeks is a really tall order.

[rbynaker]

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@itonewbie wrote:

I'm sure they're doing everything they can given all that's going on.  But with the IRS more short-handed than ever and their computers running on COBOL, 3 weeks is a really tall order.

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I agree.  I think it's already a nightmare for them to try to pull data from 2019 else 2018 else SSA-1099, especially when two of them are live databases (I'm guessing there aren't too many SSA-1099s being filed this time of year!)  Then throw in whatever logic (or lack thereof) they have to come up with for situations like 2018 MFJ filed, but only one of the two TP filed 2019 Single, the other has not filed.  Who gets what and what bank account does it go in?

Heck, it would take me three weeks just to think through all of the scenarios.  What about retired TP did not file 2019, was not claimed as a dependent (yet?) in 2019.  Did not file 2018 but was claimed as a dependent in 2018.  Has 2019 SSA-1099.

Don't worry, this isn't a quiz, my questions are rhetorical. 🙂

[itonewbie]

No worries, Rick.  I know what you mean.  Take care and stay safe! 😊

[George4Tacks]

IRS is off to a good start: https://www.irs.gov/tax-professionals/practitioner-priority-service-r

"The Practitioner Priority Service line is closed. Expect delays for Centralized Authorization File (CAF) number authorizations. Please look for help on IRS.gov. Normal operations will resume as soon as possible."

I think it  might be the 16 year old.

[itonewbie]

Yep, e-services helpdesk also closed.