IRS: 13M EIPs going to temporary tax-prep accounts

The IRS said roughly 13 million second-round Economic Impact Payments went to temporary accounts used by the tax-preparation industry. Those payments—out of some 113 million in EIP2 ACH payments—will be returned to the IRS, the agency said in a call on Monday.

In a news release on what was the official payment date for the EIP2s, the IRS encouraged consumers to check the status of their payments on the agency's Get My Payment portal instead of calling their financial or tax providers. The portal says the status is not available if payments have not yet been direct deposited.

Another 34 million EIP2s are being distributed by check or debit card, anticipating an increase in remote check deposit. Additional information on the second round of EIPs is available on the IRS's EIP webpage, in last week's Treasury Department notice on ACH payments, and in a separate Treasury notice on check payments.

ICBA is continually updating its frequently asked questions on the EIP2s and separately offers a summary of the community bank provisions of the stimulus package.

With EIP2s going out ahead of their Jan. 15 processing deadline, ICBA is encouraging community bankers to ensure sufficient cash on hand and staff support to handle customer inquiries and payment exception processing.