MISDIRECTED TAX REFUND DEPOSITS.

SEC. 1407. [26 U.S.C. 6402] MISDIRECTED TAX REFUND DEPOSITS. Section 6402 is amended by adding at the end the following new subsection: “(n) Misdirected Direct Deposit Refund.—Not later than the date which is 6 months after the date of the enactment of the Taxpayer First Act, the Secretary shall prescribe regulations to establish procedures to allow for— “(1) taxpayers to report instances in which a refund made by the Secretary by electronic funds transfer was not transferred to the account of the taxpayer; “(2) coordination with financial institutions for the purpose of— “(A) identifying the accounts to which transfers described in paragraph (1) were made; and “(B) recovery of the amounts so transferred; and “(3) the refund to be delivered to the correct account of the taxpayer. ” .