Back in March, President Trump issued an executive order mandating that Treasury and the IRS largely transition to electronic payments, including for tax refunds, by September 30 — but tax professionals are concerned about timing and potential impacts on vulnerable taxpayers.
Executive Order 14247, Modernizing Payments to and From America’s Bank Account, calls for a phase out of Treasury Department paper checks, including for tax refunds, Social Security benefits, and vendor payments. Citing inefficiencies and the risk of fraud and theft, the March 25 EO directs Treasury and the IRS to cease issuing paper checks for federal disbursements by September 30.
To dig deeper, visit the original article on the Thomson Reuters blog.