With tax season approaching, the Internal Revenue Service (IRS) is again warning consumers and companies to avoid “ghost” tax return preparers. Are you a ghost preparer? Tax preparer fraud is a perennial issue and one which the IRS takes very seriously. All tax preparers in the U.S. are required to identify their role in preparing a return…
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 standard operating procedures for every tax account that is processed. The IRS system collects tax returns, and also…
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 for the upcoming tax filing season. A “Get Ready” page outlines steps taxpayers can take now to make tax filing easier in…
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 Lifetime Learning Credit can help offset the cost of a college education by reducing the amount of taxes owed. In this post,…
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? The processing date is a computer-generated date set by the IRS system. The Processing date is internally set to remind the IRS system to finish…
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 they actually responded to send your transcripts via mail, fax, or view online (fax and online will always have the same date as the…
Tax Transcript Code 846 on your tax transcript means that the IRS has issued you a refund for your tax return. You can use the cycle code to find out when your tax return started processing and the explanation of the transaction section of your current tax transcript to determine when a code post to…
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 to the IRS Master File. If you see a cycle code along with transaction code 150 posted…
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. What time does Where’s My Refund Update? Updates to Where’s My Refund are recorded in the EST time zone. If you are in a different time zone use this chart…
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 takes less time to receive the money and it’s more secure. Unfortunately, the process isn’t perfect and mistakes do happen. So, what…
