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Deductions & credits
@Shirlagarcia wrote:A tax preparation agency has tax refunds deposited into their bank account so that they are assured they'll be paid for the cost of preparing. Once the refund is deposited, they deduct their preparation fee and send the remainder of the refund to clients.
Are you SURE that is what is happening? In most cases, that type of thing is deposited into a third-party bank, and that bank distributes the fee to the preparer and the rest of your refund to you. If that is the case, the stimulus should go directly to you.
If the tax preparation agency actually did deposit the refund into their own bank account, that is illegal. You should report that tax agency to the IRS, and find another tax professional.
‎April 8, 2020
1:57 PM