IRS expands direct deposit for refunds option.The Internal Revenue Service has announced that more taxpayers will be able to have 1995 federal tax refunds deposited directly into their U.S. bank accounts. Previously, only those who filed electronically or who used the 1040PC computer program computer program - software were eligible. Interested taxpayers must file Form 8888, "Direct Deposit Direct Deposit 1. When the tax authorities deposit your tax refund directly into your bank account rather than mailing you a check.2. When your employer deposits your paycheck directly into your bank account rather than issuing you a physical check. Notes: 1. It's the fastest way to get your refund back.2. Direct deposit is often preferable to employees as their pay is immediately available in their accounts. of Refund," and attach it to their tax returns. The name on the bank account must match the name on the return. IRS commissioner Margaret Milner Richardson said the direct deposit option was good news for taxpayers and the IRS. "It makes life easier for those who pay taxes while improving our efficiency," she said. The option is expected to reduce the time it takes to receive a federal refund by approximately one week. Form 8888 will be included in the tax packages for forms 1040 and 1040A and will also be available by calling the toll-free IRS forms number (800) 829-3676. |
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