The IRS is to put in place new procedures next January to limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three, as part of an effort to combat fraud and identity theft. As part of the new procedures next tax season, the fourth and subsequent refunds will automatically convert to a paper refund check and be mailed to the taxpayer. In addition, taxpayers will receive a notice informing them that their account has exceeded the direct deposit limits and that they will receive a paper refund check in approximately four weeks if there are no other issues with the return. “The vast majority of taxpayers will not be affected by this limitation, and we would encourage taxpayers and tax preparers to continue to use direct deposit,” said the IRS. “It is the fastest, safest way for taxpayers to receive refunds.”
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