January 7, 2015
As the January 20 start date for the 2015 filing season draws near, it is important to review the IRS Identity Protection PIN program and the new IRS direct deposit limit.
Identity Protection PIN
For the upcoming filing season the IRS will issue 1.7 million Identity Protection PINs (IP PIN) to individuals who have had an identity theft indicator applied to their IRS tax account.
These are the key items to know about the Identity Protection PIN:
See the Identity Protection PIN page on the IRS website for more information.
New IRS Direct Deposit Limits
Beginning this filing season, the IRS will be limiting the number of refunds that may be electronically deposited into a single financial account or pre-paid debit card to three (3).
Any subsequent deposits will be automatically converted to a paper refund check and mailed to the taxpayer at the address shown on the federal return. If this occurs, the taxpayer will be sent a notice informing them of the reason why the refund will not be direct deposited and that they will receive a check in the mail in approximately four weeks.
To read more about this new limitation on direct deposits see the Direct Deposit Limits page on the IRS website.