Submitted By: someone
Answered: April 29, 2020 11:01 pm

My Economic Impact Payment was sent to the wrong account. What can I do?

The IRS has not yet provided guidance on what to do if checks are mailed to the wrong address or deposited into the wrong accounts. Eventually everything will be straightened out. This problem illustrates the need to inform the IRS of any change of address since the last return was filed by submitting Form 8822. Correcting bank account information is another matter that’s yet to be clarified.

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Tax Glossary

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

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