ICBA urges improvements to EIP delivery

ICBA and other groups recommended improvements to how the IRS issues Economic Impact Payments.

Payment Portal: In a joint letter, the groups called on the IRS to provide more timely updates to the Get My Payment portal and reinstate the ability of taxpayers to update bank account info on the portal. They also urged the agency to state on the portal that financial institutions do not have access to recipient information and that information provided by the portal may be inaccurate.

Temporary Accounts: The letter also asks the government to reiterate its request for tax preparers to return EIPs sent to temporary bank accounts. Some tax companies continue to forward these payments to taxpayers’ bank accounts, though financial institutions cannot distinguish these payments as EIPs because there is no standard for forwarded payments.