When IRS Treas 449 occurs in the company field of direct deposits of IRS tax refunds, it means that a portion of the refund has been offset for outstanding debt, as explained by the Bureau of the Fiscal Service of the United States Department of Treasury. TCS Treas 449 similarly denotes a Treasury payment that has been offset by a debt.
Treasury Offset Program debt collection is handled by the Financial Management Service of the U.S. Department of Treasury. Refunds to individuals are reduced by amounts owed, including back child support. Defaulted federal debts may be submitted to the Financial Management Service for inclusion in the Treasury Offset Program for recovery by federal creditor agencies including the Department of Education. If the Financial Management Service determines that the debt is eligible for offset collection, the debtor will not be charged any interest on the amount owed.
The Treas 449 designation plainly indicates that the Treasury Offset Program has intervened to lower a tax return. Additional information regarding the Financial Management Service or the Treasury Offset Program can be found on the official website of the United States Department of Treasury, and a phone number for the Debt Management Service is included with the refund. If you have any doubts about the overdue bill or want to be sure it’s legitimate, you should call the agency or department office where the bill was first issued.
