Direct Deposit

[L.S.]

The Check is not in the Mail: Obama Administration to Start Direct Deposit

White House Orders Government to Stop Mailing Paper Checks, Switch to Electronic Transfers

Americans receiving payments for Social Security, unemployment insurance, veterans benefits, IRS tax refunds, railroad retirement, and government benefits will now find the money automatically deposited into their personal bank accounts. Americans without bank accounts can get paid using the Treasury Department's Direct Express Debit MasterCard program.

Why the shift to direct deposits? Two reasons: one, it will be easier and faster for consumers to get paid and, two, it will save taxpayers money – an estimated $303 million over the first five years and about $120 million each year after that.

For instance, despite repeated attempts to get recipients to convert to electronic payments, the Treasury Department still mails out more than 136 million benefit checks each year. Now, as part of President Obama's effort to eliminate waste and modernize government for taxpayers, that will change.

The Treasury published a notice of proposed rulemaking in the Federal Register to begin a 60-day period of public comment. Once the final rule is published, the administration will roll out the changes with a public education campaign.

The new rule will primarily take effect in March 2011, with a few exceptions that will not take effect until March 2013.

New Spanish Information:

The Spanish versions of IR 2010-79 and 2010-80 are now posted on irs.gov/espanol

IR 2010-79 - IRS Requests Public Input on Expanded Information Reporting Requirement

http://www.irs.gov/newsroom/article/0,,id=225029,00.html

IR 2010-79(SP) – El IRS Solicita Participación del Publico para Delinear los Requisitos del Reporte de Información Expandido

http://www.irs.gov/newsroom/article/0,,id=225036,00.html

IR 2010-80 – Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

http://www.irs.gov/irs/article/0,,id=225078,00.html

IR 2010-80(SP) – La Fecha Límite Ampliada al 30 de Septiembre para Compras Elegibles al Crédito para Compradores de Vivienda

http://www.irs.gov/newsroom/article/0,,id=225087,00.html

[Bob Hoffman]

The Check is not in the Mail: Obama Administration to Start Direct Deposit

White House Orders Government to Stop Mailing Paper Checks, Switch to Electronic Transfers

Americans receiving payments for Social Security, unemployment insurance, veterans benefits, IRS tax refunds, railroad retirement, and government benefits will now find the money automatically deposited into their personal bank accounts. Americans without bank accounts can get paid using the Treasury Department's Direct Express Debit MasterCard program.

Why the shift to direct deposits? Two reasons: one, it will be easier and faster for consumers to get paid and, two, it will save taxpayers money – an estimated $303 million over the first five years and about $120 million each year after that.

For instance, despite repeated attempts to get recipients to convert to electronic payments, the Treasury Department still mails out more than 136 million benefit checks each year. Now, as part of President Obama's effort to eliminate waste and modernize government for taxpayers, that will change.

The Treasury published a notice of proposed rulemaking in the Federal Register to begin a 60-day period of public comment. Once the final rule is published, the administration will roll out the changes with a public education campaign.

The new rule will primarily take effect in March 2011, with a few exceptions that will not take effect until March 2013.

New Spanish Information:

The Spanish versions of IR 2010-79 and 2010-80 are now posted on irs.gov/espanol

IR 2010-79 - IRS Requests Public Input on Expanded Information Reporting Requirement

http://www.irs.gov/newsroom/article/0,,id=225029,00.html

IR 2010-79(SP) – El IRS Solicita Participación del Publico para Delinear los Requisitos del Reporte de Información Expandido

http://www.irs.gov/newsroom/article/0,,id=225036,00.html

IR 2010-80 – Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

http://www.irs.gov/irs/article/0,,id=225078,00.html

IR 2010-80(SP) – La Fecha Límite Ampliada al 30 de Septiembre para Compras Elegibles al Crédito para Compradores de Vivienda

http://www.irs.gov/newsroom/article/0,,id=225087,00.html

I wonder how this announcement will be met?

[Don in Upstate NY]

I wonder how this announcement will be met?

Considering it was announced on June 17, it's a big yawn so far. Link

[Jack from Ohio]

Could you post a link to this?