SECOND ECONOMIC IMPACT PAYMENT TAXPAYER UPDATE
What to expect if you selected a Refund Transfer from Santa Barbara TPG to pay for tax preparation
In distributing the second round of Economic Impact Payments (EIP) the IRS sent EIP payments to Refund Transfer banks again in error, including Santa Barbara TPG - the bank we use.
TPG has issued payments directly to taxpayers who have an established bank account on file with TPG. If you chose to have your 2020 tax refund disbursed by direct deposit to an existing bank account or funded to a Walmart MoneyCard, you will have your EIP payment directed to that account as early as Monday January 11th. Clients who received their disbursement on a cashier’s check can claim their EIP on their 2020 return using the Rebate Recovery Credit as directed by the IRS.
• Your tax professional does not have your Economic Impact Payment
• Your tax professional does not have any visibility into the status, amount, or timing of Economic Impact Payments
• For additional information about stimulus payments, including, eligibility, payment timing and distribution details, the IRS urges people to visit the IRS website for the most up-to-date information.
Visit the TPG website for more information.