MEMPHIS, Tenn. – No, your $600 stimulus check most likely hasn’t gone missing, tax preparers and the IRS say.
Tax prep firms like H&R Block have been inundated with calls since Monday from people who still haven’t received their checks.
“We have had more calls about stimulus checks than we have about people filing taxes,” said Lisa Brock with JR’s Tax Service in Memphis.
But Brock said would-be stimulus check recipients should keep in mind that tax preparers like herself don’t have the money. It’s likely with third-party banks.
“It does not come to us. It goes directly to the third-parties,” said Brock.
The IRS is sending the $600 to the same bank accounts used for your 2019 tax returns.
If you used a tax preparation service, they most likely set up a temporary bank account that closes at the end of the tax year.
Since we’re now in a new tax year, the temporary accounts from last year have likely been closed.
“Where the confusion has come up is with the IRS sending those stimulus checks to the third-party and the third-party doesn’t have any way to get them to the taxpayer,” said Brock.
H&R Block notes that this has only happened to one percent of its customers.
When it does happen, the bank is legally required to send the money back to the IRS. The IRS will then mail out a check to the address on file in your 2020 tax return.
Should you still not have your check by the time you file this year’s taxes, you can claim the money on your tax returns and get a larger refund.
The IRS says on its website that there’s no need to contact banks or the IRS since the process is automatic, but you can check the status of your check with the IRS’ online tool.
