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I assume this is to pave the way for refund money in crypto.

• toomuchtodo 1y ago
  The US Treasury was one of the initial members of FedNow (US instant payment rails operated by the Federal Reserve), they can transmit funds instantly to any demand deposit account at a bank that is on FedNow rails. I see no issue with deprecating paper checks for transmitting funds when considering instant payment rails exist. One would assume this requires you put your bank account routing and account number on file with the IRS, either in person at an IRS taxpayer assistance center or through their online account portal. https://www.irs.gov/newsroom/irs-to-phase-out-paper-tax-refund-checks-starting-with-individual-taxpayers https://www.irs.gov/newsroom/irs-to-phase-out-paper-tax-refu... > Most individual taxpayers already receive their refunds by direct deposit into their bank accounts. During the 2025 tax filing season, the IRS issued more than 93.5 million tax refunds to individual income tax filers, and 93% of those, almost 87 million refunds, were issued through direct deposit. Only 7 percent of individual refund recipients received their refunds by check through the mail. https://www.frbservices.org/financial-services/fednow/organizations https://www.frbservices.org/financial-services/fednow/organi... FedNow Is Live - https://news.ycombinator.com/item?id=36801491 https://news.ycombinator.com/item?id=36801491 - July 2023