Virginia Stops Sending Individual Income Tax Refund Checks

The SALT Shaker

New for 2013 – Virginia Stops Sending Individual Income Tax Refund Checks

The Virginia Department of Taxation is implementing a significant change in the way individual income tax refunds are issued. There will be two options on 2012 returns for receiving individual income tax refunds – direct deposit or debit card. Requesting a paper check in preference to direct deposit or a debit card will not be an option.  The state is doing this to save processing and postage costs. The savings comes about because the credit card company is picking up the costs in exchange for getting more debit cards into the hands of consumers.  Both Maryland and the District of Columbia are considering the same cost saving measure. The direct deposit option will be the best option for most taxpayers receiving tax refunds.

Please contact the KatzAbosch SALT Group if you have any questions regarding this new trend in tax refunds.

The SALT (State and Local Tax) Shaker is prepared by Andy Bareham, Chair of the KatzAbosch SALT Group

 

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