Economic Impact Payments (EIP)
April 15, 2020
The IRS has stated that they will be sending EIP payments directly to the individual recipients. However, we have seen what appear to be EIP deposits sent from the IRS to us for around 15% of our total customer base. These payments should not have been deposited to our bank and we have set in place an automated process to return these payments quickly to allow the IRS to deliver them directly to individuals.
We want to ensure you have the tools to answer your customer’s questions about these payments.
If your customer sees on Get My Payment that their deposit was inadvertently sent to their temporary account with EPS:
This payment has been returned to the IRS. Neither EPS nor you, as their preparer, have access to this payment or any information about it. Payment will be made directly by the IRS. All questions and updates to consumer information need to be directed to the IRS.
When will the IRS be reissuing these payments to the customer? How will they be reissuing?
We have a process in place to quickly return those payments to the IRS for distribution to the recipient. Our system and agents do not have visibility into these payments. It historically takes the IRS 7-10 business days to have visibility into the returned funds. Please contact the IRS directly for further details.
What can I provide to my customers with this information?
We understand that there is a lot of confusion surrounding the EIP payments. To help you help your customers, we’re put together this one-page overview with frequently asked questions and IRS contact information.