Updating your banking information with the Internal Revenue Service (IRS) is an important activity that you should complete if you want to receive your tax refunds, pay taxes, or receive other government payments electronically. With the widespread use of online banking, updating your banking information with the IRS has become quite easy. In this article, we will guide you through a step-by-step process of updating your banking information with the IRS.
Step 1: Gather Relevant Information
Before you begin the process, ensure you have the following details ready:
• Your Social Security Number (SSN)
• Your current bank account number and routing number
• The types of accounts you are updating
Step 2: Access the IRS Website and Choose the Appropriate Form
Once you have all the details, access the IRS website and choose the appropriate form. Depending on the particular situation, you may need to file Form 8822, Change of Address, or Form 8822-B, Change of Address or Responsible Party – Business.
Step 3: Fill in the Form Correctly
The form will require you to input your full name, previous address, and details of your new address. Additionally, you will also need to provide details of the bank account you are updating, including the routing number and account number. Ensure to double-check the information inputted to avoid errors.
Step 4: Sign and Submit the Form
If you are updating your information as an individual taxpayer, print out the form, sign it, and mail it to the address indicated on the form. For business entities, the forms can be submitted through the mail or electronically after registration with the Electronic Federal Tax Payment System (EFTPS).
Conclusion
In conclusion, updating your banking information with the IRS has never been easier, requiring a few simple steps and some basic information. Taking the time to update your banking information is crucial to ensure you receive government payments electronically without delay. Follow the four steps outlined above to update your banking information with the IRS successfully.
