The Cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the current cycle year, two-digit IRS cycle week, and two-digit processing day of the week. Cycle Code Breakdown Example: 20190604 =…
Did you know that you can amend a tax return? If you notice that you made an error on a tax return you already filed, you can (and should) amend your return to make sure you don’t run into trouble with the IRS. If you do need to amend your tax return, there are some…
Most of the time, children are considered to be an extension of their parents when it comes to a legal application until the age of majority. Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor. If your child has enough income, he or she has an obligation…
If your federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account, split your refund among several accounts, or asked the…
We will cover the many letters or notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits. Please be advised that all tax audits should be handled by an experienced tax professional. IRS NOTICE DESCRIPTION CP11–Audits This notice states that your return has been changed because the IRS believes there was a…
There are different ways to obtain tax return information. Most requests can be satisfied with a computer printout of your return information called a transcript. However, sometimes you need an exact copy of a previously filed and processed tax return with all attachments (including Form W-2). Copies are generally available for returns filed for the…
No one likes it when the IRS reaches out to them. The agency is like that one neighbor you never liked as a kid who never got the hint and just kept coming over. Chances are, he’s gonna call today too. The IRS sends millions of letters each year to taxpayers who, quite frankly, don’t…
With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. This is the second in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS recently updated its Get Ready page with steps to…
The IRS begins accepting tax returns in mid to late January each year. But if you don’t have all of your tax documents by then, don’t stress out. Federal law gives employers, as well as other companies preparing tax documents (such as banks, educational institutions, etc.), until January 31 to distribute/postmark all forms. If they are sent by mail, then, you may not receive your documents until early February. If you want to get a…
As the tax-filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer. Many factors affect refund timingJust as each tax return is unique and…
