If you receive an IRS Notice CP53E, you don’t need to panic, but you should proceed carefully.
This notice is generally related to a refund that the IRS is trying to issue by direct deposit. In some cases, the IRS may send Notice CP53E when banking information is missing, incorrect, or cannot be used to complete the deposit. The IRS may ask you to update your direct deposit information through your IRS Online Account.
However, because these notices involve bank account information, taxpayers should be extra cautious. There have also been reports of confusion around these notices, including concerns about notices being sent in error and fraudulent notices designed to steal taxpayer information.
If you receive a CP53E notice, take these steps before responding:
Do not scan QR codes or click links from the notice.
Even if a notice looks legitimate, scammers may use QR codes or links to direct you to a fake IRS website.
Go directly to IRS.gov.
Type IRS.gov into your browser yourself and log in to your IRS Online Account from there. Once in your account, you can verify if the notice is legitimate and identify any proposed changes that have been made to your account.
Compare the notice to your actual tax situation.
If you were not expecting a refund, had a balance due, or asked for an overpayment to be applied to estimated taxes, the notice may not match your records.
Do not provide banking information by phone, email, or text.
The IRS states that employees cannot update your bank account information over the phone.
When in doubt, contact your tax advisor.
If anything seems unusual or you are unsure whether the notice is legitimate, reach out before entering sensitive information online.
If you do not update your banking information and you are owed a refund, the IRS states that a paper check may be issued after six weeks.
Talk to your advisor before taking action.
If you receive IRS Notice CP53E and are unsure whether it is legitimate, whether you are actually due a refund, or how the notice applies to your account, contact your Wegner CPAs advisor before providing any banking information. We can help you review the notice, verify it through official IRS channels, and determine the safest next step.
Key takeaway:
When a notice involves banking information, slow down, verify through IRS.gov, and talk with your CPA before acting.
