Stimulus checks could be delayed for people who used some tax advance services
[link:https://wreg.com/news/tax-preparers-notice-issue-of-stimulus-payments-going-to-lender-not-taxpayer/|
Local experts have noticed a major problem since federal stimulus payments started being sent out about a week ago, specifically with residents that got a tax advance through a third party business.
“All of that money has been deposited into the third party accounts, and it’s online as if it’s been deposited, so they’re automatically assuming that the tax preparer has it, but we don’t,” tax professional Crystell Oliver said.
If a client uses a tax advance, they borrow against their return from the third party that does their taxes.
It appears in these cases, the IRS sent stimulus checks to the tax preparers who provided advances, not the taxpayer themselves. The tax preparers are not legally allowed to access or dispense the funds, so the payments are in limbo for now.
on behalf of folks whose $ is now stuck in limbo.
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