After alleging that tax preparation software provider TurboTax has been disbursing refunds to bank accounts formed without the consent of taxpayers, two U.S. Senators from New England states have requested that the IRS conduct an investigation. “Numerous taxpayers have reported that they cannot access their tax refunds due to Intuit’s partnership with Green Dot Bank,” Massachusetts Sen. Elizabeth Warren and New Hampshire Sen. Jeanne Shaheen said in a joint letter to CFPB Director Rohit Chopra, Federal Reserve Chairman Jerome Powell and IRS Commissioner Charles Rettig. According to the lawmakers, Intuit, which owns TurboTax, has been depositing refunds into bank accounts opened by the tax company without the taxpayers’ direct knowledge. Those accounts, held by Austin, Texas, based Green Dot Bank, cannot be accessed by taxpayers, the senators wrote.
CPA Practice Advisor