The IRS has announced an important change and is asking all Americans to take it into account before tax season begins.

The Internal Revenue Service (IRS) is changing the way it issues tax refunds. Now, those who don't have bank accounts will have to open them before the end of the year, according to Al.com.

Starting this tax year, refunds will no longer be issued as paper checks. IRS specialists have long emphasized that electronic payments are the fastest way to receive a refund. This process typically takes about 20 days, compared to six weeks for a paper check.

But, as the agency notes, there are other advantages. Paper receipts are prone to loss, theft, and counterfeiting. Furthermore, they are delayed 16 times more often than electronic payments, as fraudsters target refunds sent by mail.

Additionally, paper checks are more expensive for the government: the average electronic refund costs 15 cents, compared to 50 cents for a paper check.

The change will not affect how tax returns are filed. It also applies to the amounts taxpayers will send to the IRS: instead of a paper check, they will have to transfer the money electronically.

On the subject: How to Choose a Qualified Accountant to File Your Tax Return: Tips from the IRS

What to do if you don't have a bank account

Most taxpayers will now have to provide bank routing and account numbers to receive their refund via direct deposit.

If you don't have a bank account, you can find information about opening one at a FDIC-insured bank or through the national credit union locator. It's best to do this now so you're prepared for tax season, which typically begins in mid-January.

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Additionally, prepaid debit cards, digital wallets, and mobile financial apps can support direct deposit if they have routing numbers and account numbers linked to personal accounts. Check with your mobile app, bank, or credit union to determine which numbers are best to use.

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