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Tax Refund Limitations for 2015

Posted on: July 22nd, 2014

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In an effort to crack down on tax refund fraud, the IRS has put new limitations in place on direct deposited tax refunds. Starting in January of 2015, there will be a limit to the dollar amount able to be deposited into a single account. If a refund exceeds this limit, the remaining balance will be mailed to the taxpayer in the form of a check.

The idea is that this new regulation will prevent criminals from receiving multiple refunds, as well as prevent tax preparers from depositing funds from their clients’ tax returns into their own accounts. According to the IRS, “tax refund fraud is more than $19.2 billion per fiscal year.”

For more information about the changes, take a look at the IRS report.

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