The IRS has updated its website to address questions about rebates. Mostly, it’s the same old story – no real news on why payments may not be on time. But there are some concrete answers about Refund Anticipation Loans (RALs), Refund Anticipated Checks (RACs) and tax preparer issued debit cards.
I’ve posted about Refund Anticipation Loans (RALs) and rebates before – be sure and check out this prior post.
With respect to Refund Anticipated Checks (RACs), including those from tax preparers and tax software, the IRS has clarified that funds deposited into your bank account as a result of these agreements are from the financial institution associated with your software provider or tax preparation provider, and not directly from the IRS. Therefore, taxpayers who use RALs, RACs or similar loans will not receive their rebates by direct deposit and will instead receive a paper check.
The IRS has also clarified that, with respect to tax account/debit cards, unless you requested a RAL through your tax professional or the stored value card or debit card account has been closed, you will receive your rebate by direct deposit. If you requested a RAL or if your account has been closed, you will receive a paper check.
I WAS TRYING TO LOCATE MY REBATE CHECK.ITS BEN A LONG TIME AND I WAS WONDERING WHATS GOING ON. CAN MABY YOU CAN HELP ME. CHARLES A. CORMIER