The IRS has recently announced that taxpayers filing amended returns (Form 1040-X) will now be able to choose to have any refund directly deposited into their bank account.
Prior to this change taxpayers filing amended returns had to wait for a physical, paper check to be issued. This added time to the process and delayed taxpayers in receiving their refunds.
While the IRS began accepting amended returns electronically back in 2020 it wasn’t until recently that IRS system updates allowed amended returns to have the same security of direct deposit as those filing an original Form 1040 tax return.
The IRS reports that the current processing time for amended returns is in excess of 20 weeks regardless of which method the taxpayer uses since processing an amended return remains a manual process. Filing electronically and requesting direct deposit however cuts out the mail time and provides a way to receive refunds faster.
If you have an IRS or New York State tax issue the attorneys at Beige Law, PLLC can help. Contact Beige Law, PLLC today and start putting your tax issues behind you.