GeorgeM Posted February 12, 2015 Report Share Posted February 12, 2015 Can I use my bank account to collect my fee from clients? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 12, 2015 Report Share Posted February 12, 2015 Can I use my bank account to collect my fee from clients? NO! Go directly to jail. Do not pass go. Do not collect $200. Strictly prohibited. 5 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 13, 2015 Report Share Posted February 13, 2015 I totally agree with Jack. DO NOT do it. If I remember correctly there is a section in circular 230 that address the issue of using tax preparer bank accounts for client refunds. I know this is your fee and not a refund but it certainly would look fishy to have two different amounts of the refund going to two different banks and one of them being yours could cause you to loose your status with the IRS, face penalties, and loose your business. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 14, 2015 Report Share Posted February 14, 2015 You can do that through Fee Collect, but not by using the 8888. 1 Quote Link to comment Share on other sites More sharing options...
Kea Posted February 17, 2015 Report Share Posted February 17, 2015 According to a webinar I just watched, IRS has new Direct Deposit limits: - Can deposit a maximum of 3 tax refunds into 1 account per calendar year - Only made to accounts in taxpayer's name -- cannot deposit into preparer's account as payment for services -- cannot use Form 8888 to split between tax payer & tax preparer FWIW, this may be the reason ATX now requests the account holder name on bank info sheet. 1 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 17, 2015 Report Share Posted February 17, 2015 (edited) According to a webinar I just watched, IRS has new Direct Deposit limits: - Can deposit a maximum of 3 tax refunds into 1 account per calendar year - Only made to accounts in taxpayer's name -- cannot deposit into preparer's account as payment for services -- cannot use Form 8888 to split between tax payer & tax preparer FWIW, this may be the reason ATX now requests the account holder name on bank info sheet. The only required fields are routing and account numbers. There is NO IRS requirement for the other information. Not sure the reason ATX put that information in the worksheet. Too much extra effort. Edited February 17, 2015 by Jack from Ohio 1 Quote Link to comment Share on other sites More sharing options...
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