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What Is a TCS Treas 449 Tax Refund?

by The Daily Buzz Team
in Business
1 min read
What Is a TCS Treas 449 Tax Refund?

Bureau of the Fiscal Service of the United States Department of the Treasury says that when IRS Treas 449 appears in the company field on direct deposits of IRS tax refunds, a percentage has been offset for outstanding debt. Similarly, TCS Treas 449 represents a payment from the United States Department of the Treasury that has been lowered to reimburse debts outstanding.

The Financial Management Service of the U.S. Department of Treasury runs the Treasury Offset Program to collect unpaid bills owed to states and federal agencies. Individual tax returns are reduced by amounts such as delinquent child support. Federal creditor agencies, such as the Department of Education, may submit unpaid debts to the Financial Management Service and request inclusion in the Treasury Offset Program for recovery. The Financial Management Service determines whether or not a debt is eligible for offset collection.

The Treasury 449 designation is prominently shown on tax returns that have been lowered as a result of the Treasury Offset Program. The return also includes a number for the Financial Management Service Debt Management Service, and additional information on the Financial Management Service or Treasury Offset Program can be found on the official website of the U.S. Department of the Treasury. For particular queries about the late debt or to confirm its legitimacy, it is required to contact the agency or department directly.

The Daily Buzz Team

The Daily Buzz combines the pursuit of interesting and intriguing facts with the innate human desire to rank and list things. From stereotypical cat pictures to crazy facts about the universe, every thing is designed to help you kill time in the most efficient manner, all while giving you something to either laugh at or think about!

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