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NYS: Taxpayers can receive refunds faster by choosing direct deposit

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Thu, Mar 24th 2016 01:25 pm

Refunds continue to be issued efficiently in New York, despite reports of fraud-related delays in other states

Editorial by the New York State Tax Department

New York State Commissioner of Taxation and Finance Jerry Boone reminded all New York state taxpayers that the fastest and safest way to receive their income tax refunds is by having them directly deposited into their bank accounts.

Taxpayers who e-file and choose direct deposit can receive their refund in as few as 14 days, while a paper check can take an extra week or more.

"Direct deposit is a great convenience for taxpayers," Boone said. "When you combine e-filing with direct deposit, you receive your refund in less time, and avoid the line at the bank."

Setting up direct deposit is easy. Simply check "direct deposit" on your tax return, and enter your bank's nine-digit routing number and your account number.

•For checking accounts, this information is available on one of your checks.

•For savings accounts, contact your bank for this information.

To receive an email from the Tax Department when your refund is issued, create an online services account and sign up for email alerts.

Efficient Refund Processing and Fraud Detection Systems

Boone also noted refunds are being issued quickly and efficiently in New York state. Refunds for e-filed returns are generally issued within three weeks, while refunds for taxpayers who file paper returns take up to six weeks.

"While many states have announced refund delays in order to initiate new fraud detection programs, refunds for New York taxpayers continue to be issued swiftly and efficiently," Boone said. "We continue to update our internationally recognized fraud detection measures to protect New York taxpayers and stay ahead of ever-evolving criminal activity."

New York's cutting-edge fraud prevention system has been in place for more than a decade. To stop questionable refund claims, the Tax Department automatically reviews each of the 10 million income tax returns it receives using sophisticated data analytics technology. In addition, the Tax Department's fraud analysis and selection team monitors tax return data for patterns that indicate fraud schemes or identity theft.

The findings are used not only to detect fraud, but also to improve the data analytics so such schemes are automatically caught in the future. As a result, New York has avoided the adverse impacts on refund timing that other states are reporting.

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