Why Do I Have “IRS TREAS 310” on My Bank Statement?

 

Many people are curious about what “IRS TREAS 310” means when they see it pop up in their bank account transactions.

In today’s post, I’ll explain what IRS TREAS 310 and similar codes mean and what you should do if you find this code on your bank statement.

What does “IRS TREAS 310” mean?

When looking through your bank account transactions, you may see “IRS TREAS 310” OR “IRS TREAS 310 TAX REF.” These are payment codes used by the U.S. Department of the Treasury to identify payments or refunds initiated by the Internal Revenue Service (IRS).

You’ll see the “IRS TREAS 310” code used for banking transactions both for an individual and a business. This code is most commonly seen when your tax refund has been directly deposited into your account.

You may also see “IRS TREAS 310” associated with direct deposits for stimulus checks or other government payments related to taxes. For instance, in 2021 when many people received advanced Child Tax Credit payments, the “IRS TREAS 310” code was used.

Here’s a little cheat sheet if you’re curious about exactly what IRS TREAS 310 and similar codes mean:

If the code says… That means…
IRS Payment is related to taxes
TREAS Payment came from the U.S. Department of the Treasury (TREAS is short for Treasury)
310 Federal Reserve Bank location code assigned to the Treasury
TAX REF Payment is a tax refund
TAXEIP Payment is an Economic Impact Payment (stimulus check)
CHILDCTC Payment is for a Child Tax Credit
EFT Electronic Funds Transfer (direct deposit)

What should I do if I receive a payment with the code “IRS TREAS 310”?

First of all, if you see this code on your bank statement, it’s a good thing! This code means you’ve received a payment from the federal government. But, before you head off on a shopping spree, you should definitely check for errors.

If you weren’t expecting a tax refund or any sort of government payment, then figure out why you received this money. Unfortunately, “bank error in your favor,” does not happen in the real world, so you’ll want to make sure there wasn’t some sort of error that you’ll have to pay back later.

If you were expecting a tax refund or other IRS payment, make sure the amount you received matches the amount you were expecting based on your tax filings or other benefits. If it doesn’t match, take action immediately by contacting the IRS or an accountant who can help you sort out the discrepancy.

Is “IRS TREAS 310” a scam?

I know that it seems you can’t trust anyone these days. Scammers are everywhere, and it’s good to be leary and always on the lookout when it comes to your finances, but in this case, you can rest assured that IRS TREAS 310 is not some sort of scam. This is the code used by the IRS and the U.S. Department of the Treasury to directly deposit money into your account (and not to take anything out!).

Should I use direct deposit for my tax refund?

Yep! The quickest way to get your tax refund is to file electronically and have your refund directly deposited into your account. The IRS assures us that this process is safe and secure.

The only problems I’ve seen are when a client accidentally closed their bank account before the direct deposit went through and when a client inadvertently provided the wrong account or routing number. In these cases, my clients have still received their refund checks by mail, but the error made the process take a couple of months longer than usual.

Additionally, if you provide the wrong account information to the IRS and your refund money is deposited into someone else’s account, the IRS can’t compel the bank or the other person to refund your money, which means it could turn into a legal battle with you footing the bill. The lesson here is to make sure you double check the banking account information you provide to your accountant and the IRS when filing your taxes.

Abridged by Amy

The “IRS TREAS 310” code simply means that you have received a tax-related direct deposit from the government. Make sure to check the amount you’ve received against your records and sound the alarm immediately with your accountant if things don’t look right.

I’ve written several other articles to help you figure out the world of tax refund codes and your tax refund status. Take a minute to see if any of these are helpful to you:

How Restricted Stock Units Affect Your Taxes

How to Complete IRS Form 433-D Direct Debit Installment Agreement

 
Amy Northard, CPA

Amy Northard, CPA

Founder of The Accountant for Creatives®
+ taxes + bookkeeping + consulting
+ Hang out with me over on Instagram!

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