Once your tax return has been accepted by the IRS and added to the IRS Master File for processing. An IRS transaction code of 150 will appear on your tax return to indicate that your tax liability has been established. What is IRS Transcript Transaction Code 150? If you see IRS transaction code 150 on…
You can start using the Where’s My Refund? website or IRS2Go app to start checking on the status of your return 24 Hours after the IRS receives your e-filed return or 6 Months after you mail a paper return. As the IRS processes your return it will progress through the 3 stages: (1) Return Received, (2) Refund Approved, and (3)…
The IRS Identity and Tax Return Verification Service can help you prove that you are who you say you are. The IRS wants you to verify your identity to make you eligible for a tax return. To verify your identity, you can go online or go to your local IRS office. In either case, you…
The adoption tax credit lets families who were in the adoption process during 2022 claim up to $14,890 in eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private, and public foster care adoptions. Things to know about claiming the credit: Who is considered an eligible childAn eligible child…
What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers have questions. Here are a few of the answers we know…
Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding of nearly $80 billion over the next ten years. More than half the funding has been earmarked for tax law enforcement, and that has attracted a good deal of public attention. But the legislation also provides about $3.2 billion for…
Tax Day rolls around each year. If you have delayed or simply passed on filing your tax return, you may be surprised at the difficulties it can cause. Everyone of working age is aware of the necessity of taxes. Workers pay employment taxes, employers hand over those payroll taxes, and individuals and companies file tax…
Tax fraud involving identity theft is big business. The Internal Revenue Service (IRS) wants to help you understand your risks, and be proactive in preventing others from gaining access to your tax ID and data. An initiative from the Security Summit is encouraging business owners and eligible taxpayers to opt into a security program offered by the…
Simple steps you can take to reach a live agent at the IRS For many taxpayers, the most frustrating part about doing their taxes is getting ahold of a real person at the IRS. The IRS is understaffed and unprepared to take on the daily volume of phone calls they receive. Unfortunately, this has caused…
It’s filing extension crunch time, but people rushing to get their tax return filed should be cautious when choosing a tax preparer. Anyone can be a paid tax return preparer if they have an IRS preparer tax identification number. However, tax pros have different levels of skill, education, and expertise. A taxpayer’s needs will determine which…
