new bank--how do I notify IRS

[MZB]

Subject says it all. My current routing #/acct. # will cease to exist
next month.
I will be switching banks.

How do I notify the IRS (Fed and State of Michigan)?

Mel

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[Bob Sandler]

>Subject says it all. My current routing #/acct. # will cease to exist
>next month.
>I will be switching banks.
>
>How do I notify the IRS (Fed and State of Michigan)?

Why do you have to notify the IRS and Michigan Department of
Treasury?
- Waiting for direct deposit of a tax refund?
- Direct debit of a payment due on your tax return?
- Direct debit for a payment plan?
- Advance payment of the Child Tax Credit?
- Expecting a refund for the unemployment exclusion?
- Something else?

If the IRS tries to make a direct deposit of a tax refund,
and the account is closed, the bank will reject the deposit.
The IRS will then mail a check to the address on your tax
return. I assume the Michigan Department of Treasury would
do the same.

If you are getting advance payments of the Child Tax Credit,
you can update your bank account information on the Child
Tax Credit Update Portal at the following link.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

For your 2021 tax returns, you will be able to provide new
bank information when you file the returns.

You might want to consider keeping the old account open for
a while, even when you are using the new account, until all
your tax refunds or payments are taken care of.

Bob Sandler

[MZB]

Bob:

It's a long story. Basically my bank is being forced to divest some
branches (mine) and the rest is being bought out. Bottom line: My
account will cease to exist on 9/17 and will be xferred to the new bank
on 9/20, with totally new routing/acct numbers. I'm choosing to open an
account with a different bank next week. That will allow me time to set
up billpay and change account information with payers (eg: SS, pension,
etc.). I'm just not sure how to do it with the IRS. I know I can wait
until I do my 2021 taxes. Isn't there a form or some way to do it now?

Mel

[Bob Sandler]

>It's a long story. Basically my bank is being forced to divest some
>branches (mine) and the rest is being bought out. Bottom line: My
>account will cease to exist on 9/17 and will be xferred to the new bank
>on 9/20, with totally new routing/acct numbers. I'm choosing to open an
>account with a different bank next week. That will allow me time to set
>up billpay and change account information with payers (eg: SS, pension,
>etc.). I'm just not sure how to do it with the IRS. I know I can wait
>until I do my 2021 taxes. Isn't there a form or some way to do it now?

There is no form, and no way to change it now, as far as I
know. But it doesn't matter now, until you file your 2021
tax return. So there's no need to change it with the IRS
now, unless you have one of the situations that I listed,
and there are ways to deal with those situations.

Bob Sandler

[MZB]

On 8/1/2021 11:03 PM, Bob Sandler wrote:
>>>> Subject says it all. My current routing #/acct. # will cease to exist
>>>> next month.
>>>> I will be switching banks.
>>>>
>>>> How do I notify the IRS (Fed and State of Michigan)?
>>>
>>> Why do you have to notify the IRS and Michigan Department of
>>> Treasury?
>>> - Waiting for direct deposit of a tax refund?
>>> - Direct debit of a payment due on your tax return?
>>> - Direct debit for a payment plan?
>>> - Advance payment of the Child Tax Credit?
>>> - Expecting a refund for the unemployment exclusion?
>>> - Something else?
>>>
>>> If the IRS tries to make a direct deposit of a tax refund,
>>> and the account is closed, the bank will reject the deposit.
>>> The IRS will then mail a check to the address on your tax
>>> return. I assume the Michigan Department of Treasury would
>>> do the same.
>>>
>>> If you are getting advance payments of the Child Tax Credit,
>>> you can update your bank account information on the Child

>>> Tax Credit Update Portal at the following link.ks

>>>
>>> https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
>>>
>>> For your 2021 tax returns, you will be able to provide new
>>> bank information when you file the returns.
>>>
>>> You might want to consider keeping the old account open for
>>> a while, even when you are using the new account, until all
>>> your tax refunds or payments are taken care of.
>>
>> It's a long story. Basically my bank is being forced to divest some
>> branches (mine) and the rest is being bought out. Bottom line: My
>> account will cease to exist on 9/17 and will be xferred to the new bank
>> on 9/20, with totally new routing/acct numbers. I'm choosing to open an
>> account with a different bank next week. That will allow me time to set
>> up billpay and change account information with payers (eg: SS, pension,
>> etc.). I'm just not sure how to do it with the IRS. I know I can wait
>> until I do my 2021 taxes. Isn't there a form or some way to do it now?
>
> There is no form, and no way to change it now, as far as I
> know. But it doesn't matter now, until you file your 2021
> tax return. So there's no need to change it with the IRS
> now, unless you have one of the situations that I listed,
> and there are ways to deal with those situations.
>
> Bob Sandler
>

Thanks for the info. Yeah, I perused my account on the IRS site and
googled a bit, but got nowhere. I am not anticipating any payments,
unless there is some forthcoming stimulus dough. I'll just forget about
it and handle it next year when I file

Mel