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…
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…
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 year, two-digit IRS cycle week, and two-digit processing day of the week. Cycle Code Breakdown Example: 20190604 =…
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. Fictitious business expenses or children invented to obtain a heftier tax return are also pretty obvious tax…
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 to the IRS and the task is off your plate – or so you thought. Months later, you get a letter…
The good news for taxpayers is that the risk of being audited is historically low. While just over one percent of taxpayers were audited in 2010, that number dipped to 0.45 percent in 2019. Still, a significant number of American taxpayers faced audits last year for a variety of reasons. Some of the causes are…
The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax. If they don’t, they risk being charged a penalty. Adjust Tax Withholding For employees,…
The Internal Revenue Service announced today significant progress to prepare for the 2023 tax filing season as the agency passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services. These assistors have been hired over the last several months and are being trained to provide help to…
