The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.…
What is a Tax Topic? Tax topics are used to group returns and they also outline general information pertaining to your personal tax situation. What is Tax Topic 152? Tax topic 152 is general information…
No, you should NOT file your tax return using your last paycheck stub. It is against the law and it can and will cause major delays in receiving your tax refund. Your last paycheck stub…
Who Qualifies for Free File You’re eligible if: Many seniors who rely on Social Security and perhaps a small pension easily meet those criteria. Why Free File Is Great for Seniors and Retirees For seniors…
When the IRS kicks off the 2020 tax filing season, taxpayers in selected locations will be eligible to opt into the online Identity Protection IP PIN program. Taxpayers will be eligible for this voluntary program…
When you check your tax refund status at IRS.gov or on the IRS2GO app you may get a refund status from the IRS Where’s My Refund? site telling you “We are sorry, we cannot provide…
The Transaction Code TC 570 Additional Account Action Pending is a Freeze Code the IRS uses that will hold/stop a refund from being issued until the impact of the action being taken on the account…
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require to be held for an additional review and take longer. Where’s My…
If you’ve ever received mail from the Internal Revenue Service (IRS), you know how confusing — and stressful — it can feel. But in most cases, a notice or letter simply means the IRS needs…
Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their…
The Taxpayer Bill of Rights groups the dozens of existing rights in the Internal Revenue Code into ten fundamental rights, and makes these rights clear, understandable, and accessible for taxpayers and IRS employees alike. The Taxpayer…
The Department of Treasury’s Bureau of the Fiscal Service (BFS) issues IRS tax refunds and Congress authorizes BFS to conduct the Treasury Offset Program (TOP). Through the TOP program, BFS may reduce your refund (overpayment) and offset…
A 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…
Do you have any idea how many tax returns are filed in the United States each year? The answer, according to the IRS, over 140 million through May 2019 for the current tax year. Now, how…
The Earned Income Tax Credit (EITC) is an income tax credit given to low- and moderate-income workers through filing a tax return. It is a refundable tax credit, meaning that you will receive it if…
If a legally enforceable debt is reported to the Treasury Offset Program, the IRS intercepts the tax refund to pay the debt or obligation. For married couples that file joint returns, a debt reported under…
When a tax return has already been filed, errors may be discovered later. Incorrect income, missing deductions, or changes to credits can all affect your refund or tax bill. Filing an amended tax return allows…
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…
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…
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.…
Getting a copy of your IRS tax transcript is one of the fastest ways to check your tax return processing, verify income, monitor refund updates, and confirm what the IRS has on file for you.…
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…
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…
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…
It’s that time of year when taxpayers are thinking about how they want to give back, and many taxpayers will want to donate to a charity that means something to them. The IRS has a…
Taxpayers with individual taxpayer identification numbers should find out if their number expires this year. If it does, they should renew it now to avoid delays with their refund when they file their taxes next year. An…
Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If, when you search for your notice or letter using the Search on the…
If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between…
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. Earned Income Tax Credit The Earned Income Tax Credit (EITC) is…
The agency and the tax-collection system it oversees are on the brink of catastrophic collapse. Anyone who deals with the IRS on a regular basis knows that the agency is in trouble: IRS employees are…
Adjust withholding The IRS urges everyone to use the Tax Withholding Estimator to perform a paycheck or pension income checkup. This is even more important for those who received a smaller refund than expected or…
Are you unable to pay your taxes before the fast-approaching filing deadline? Are your tax bills amounting to an outrageous sum that you cannot be able to clear in time? Whatever the case, pending bills,…
If your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid…
October 15 is the filing deadline for taxpayers who requested an extension for their 2018 tax return. However, those who have an extension should mark this coming Tuesday, Oct. 15 as the deadline to file.…
Everyone has a responsibility to pay his or her taxes each and every year. There are severe penalties imposed by the IRS if you avoid or neglect a tax filing submission, and you don’t want…
The earned income credit (EIC) is one of the most beneficial credits for individuals with children or those that are low income. Created in 1975 as an incentive for people to work, this credit potentially…
The first step in planning for the year’s tax liability is filling out a W-4 form for your employer. Most people do not even know what a W-4 is let alone how to fill one…
When it comes to filing your taxes, it seems there is another language that only CPA’s and IRS employees understand. One of these baffling tax terms is “adjusted gross income”, which is apparently different than…
The term “exemption” is often one that inspires bewilderment and perplexity among the most intelligent individuals. When filing your personal tax return or even filling out a W-4 for your employer, you may not be…
There are several ways in which education expenses can be used to decrease your tax burden. In addition to the Hope Credit, the Lifetime Learning Credit, and the student loan interest deduction, there is also…
When filing your personal income tax return, there are primarily two ways to reduce your tax liability: deductions and credits. Although any way to pay Uncle Sam less is greatly appreciated, there are advantages to…
In all the complexity of tax preparation, it is easy to miss a deduction or credit. This is a particular advantage to utilizing a professional tax service because they ask all the questions you may…
Basically, when it comes to filing your personal tax return, there are five filing statuses you may choose from: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household…
Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a…
Every year, the National Taxpayer Advocate’s Annual Report to Congress identifies at least 20 of the nation’s most serious tax problems. These issues can affect taxpayers’ basic rights and the ways they pay taxes or…
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they work in different ways. What is a tax deduction? A tax deduction is an expense that you can subtract from your yearly…
The percentage of tax returns being audited each year has steadily declined, due in part to dwindling government resources. Still, if you’ve been notified of a pending audit, those percentages don’t mean much. The only…
The Internal Revenue Service launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding…
The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and…
How quickly will I get my refund? The IRS issue most refunds in less than 21 calendar days. I’m counting on my refund for something important. Can I expect to receive it in 21 days?…