As a result of taxpayer confusion, lack of clear guidance, concerns about the existing backlog, and impact on the upcoming filing season, industry and stakeholders urged the IRS to postpone the implementation of the new reporting requirements of Forms 1099-K. Good news: The IRS listened, and on Friday, December 23, the IRS issued Notice 2023-10 delaying the…
The 2022 tax season is right around the corner, and now is a great time to start thinking about your upcoming tax return and refund. There have been many tax changes in 2022 that could have an impact on your return in 2023. Preparing ahead is the best way to ensure you can save money…
Several tax changes are effective in 2022. Some of the more significant changes are: Child Tax Credits Charitable Contribution Limitations Health Savings Accounts Expired Tax Benefits Standard Deduction and Capital Gains Adjustments Retirement Matters Business Matters New 1040 Form for 2022 For information about any additional changes to the 2022 tax law or any other…
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…
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 846, which indicates that the IRS has officially issued a refund. What is Tax Transcript Code 846? Tax Transcript Code…
