IRS Reference Code 1242 is a processing code the IRS uses to review tax returns it thinks might be fraudulent. The IRS will hold your return until they can validate certain information on it.

The IRS has…

The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

This is the second in a series of reminders to help taxpayers get ready…

2022 Education Tax Credits Eligible taxpayers who pay college expenses for themselves, their spouses, or their dependents may be able to take advantage of two 2022 education tax credits. Both the American Opportunity Tax Credit and the…

Tax Transcript Processing Date The Processing Date represents the date when the IRS expects to have your tax return and tax refund processed. IRS Transcript Processing Date What is a Tax Transcript Processing Date? This processing…

How to read your Account Transcript Here’s a breakdown of what everything on your Account Transcripts means. Request and Response Dates The Request date shows the date you requested your transcripts and the response date shows when…

Tax Transcript Code 846 – Refund Issued For many taxpayers eagerly awaiting their refunds, checking a tax transcript can provide early insight into the status of their return. One of the most anticipated codes on a tax transcript is Tax Transcript Code…

IRS Cycle Code Deciphering Your IRS Cycle Code What is an IRS Cycle Code? The IRS cycle code is an eight-digit code that you can find on your online tax account transcript once your tax return has been accepted and posted…

2023 Tax Refund Updates Calendar IRS Where’s My Refund? Updates Calendar for 2023 IRS Transcript and the Where’s My Refund? Updates Calendars! Important Tax Transcript and Where’s My Refund update cycle. Tuesday Transcript Updates -…

Tax Refund Sent to The Wrong Account? Last year, the IRS processed over 128 million refunds at an average amount of $2,775 each. The majority of those were sent through direct deposit. The IRS encourages taxpayers to use this method because it t…

2023 Tax Transcript Cycle Code Charts A cycle code is an eight-digit code found on your account transcripts. The cycle code indicates the day your account was posted to the IRS Master File. This date indicates the four digits of the current cycle…

Unreported Income Can Trigger an IRS Investigation If you fail to fully report your income to the Internal Revenue Service (IRS), you could be heading for tax troubles ahead. Most taxpayers are aware that failure to file a tax return could catch up with them.…

4 Common Mistakes The IRS Makes Every tax season, you take great care to file everything you need to file and report everything you need to report. After you are satisfied you have completed everything truthfully, you finally send your return…