I thought it would be a good idea to discuss an issue that affects many taxpayer returns, namely the IRS processes for identifying and stopping refund fraud. Attempted refund fraud has become a significant problem…
The Earned Income Tax Credit (EITC) is a refundable tax credit given to taxpayers that earn a low-to-moderate income from a job or through self-employment. According to the IRS, around 25 million eligible filers received…
The IRS established the Taxpayer Protection Program (TPP) to proactively identify and prevent the processing of identity theft tax returns and assist taxpayers whose identities are used to file such returns. However, as part of…
Having the heat of the IRS on your back is never a fun experience. The unrelenting pressure of the federal government can be incredibly stressful and often intimidating, making back tax relief seem nearly impossible…
Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this…
. Need a copy of a previous year’s tax return? Whether you’re applying for a loan, filing current taxes, or just getting organized, retrieving old IRS records is easier than you might think. This guide…
The Protecting Americans from Tax Hikes (PATH) Act was created in order to protect taxpayers and their families against fraud and permanently extend many expiring tax laws. The law, which was enacted December 18, 2015,…
With Refund Transfer, you can pay your tax preparation fees and other authorized amounts from your refund. Plus, it’s a convenient, secure way to get your tax refund. When filing your taxes with us, you…
With millions of tax refunds being processed, the Internal Revenue Service reminds taxpayers they can get fast answers about their refund by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The…
National Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with…
With a new tax law in effect and a surge of tax returns expected during the Presidents Day weekend, the Internal Revenue Service is offering taxpayers several tips and various time-saving resources to get them…
Today, towards the end of the second full week of the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who…
These are some of the most common questions we see on a daily basis. All Refunds Are Delayed The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in…
What is the difference between IRS Daily and Weekly Accounts? The difference is when your tax return is processed, and when updates are made and posted to your account. Daily Tax Accounts: Certain individual tax returns…
Every year, the IRS accepts several batches of tax returns to test in a Controlled Launch before they are officially open. What is HUB testing? HUB Testing or Controlled Launch is the period when the IRS tests the electronic filing…
Tax Refund loan products are making a come back. A variety of vendors offer different perks related to your tax refund. Many of the major tax preparation services are offering new products for 2019 tax…
The Protecting Americans from Tax Hikes (PATH) Act required the IRS to hold all refunds for returns claiming the earned income tax credit (EITC) and additional child tax credit (ACTC) until February 15. PATH ACT…
You may have submitted your tax return form weeks ago and you still do not have it in your bank account. Read on to learn about tracking your income tax return status and more. How…
What Is the Usual Turnaround Time to Get a Tax Refund? The IRS sends the tax refund within 21 calendar days. Of course, the timeframe assumes your tax return is accurate and free of any red…
In preparation for the tax season, it is imperative that you have a strategy to complete your taxes quickly, accurately, and with as little hassle as possible… all while keeping the cost down. With those things…
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries…
What You Need to Know About Filing as Head of Household Who Can File as Head of Household? To file as a head of household, you have to meet a few guidelines set by the IRS.…
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for…
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not…
The IRS has announced that the 2019 tax filing season will begin on January 28, 2019. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS…
The IRS announced the 2019 opening day of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the…
WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that…
The White House will order the IRS to pay income tax refunds despite the government shutdown, Russ Vought, acting director of the Office of Management and Budget, said at a briefing with Vice President Mike Pence. The IRS…
Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize your taxes. Many tax parameters, such as the standard deduction, contributions to retirement plans,…
Where’s my Refund? Updates Calendar for 2019 Return Accepted Updates – This is the intake process of your tax return meaning once you file your income Tax Return whether it be E-Filed or Mailed in on…
Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so…
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries…
The IRS will begin accepting tax returns on January 28, with nearly 155 million individual tax returns expected to be filed in 2019. The nation’s tax deadline will be April 15 this year. Many software companies…
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…
The IRS Modernized e-file, the system that processes electronically-filed business returns, will shut down after December 27, 2018, so the agency can perform annual maintenance and to enable the IRS to reprogram the system for…
Funding for many government agencies expired at midnight on Friday, which triggered a partial shutdown of the federal government. The IRS is affected by the shutdown because it is not already funded through September 2019.…
What are tax preparation options? There are multiple tax preparation options you can choose from. Once you’ve gathered all the tax documents needed, you can now decide if you want to file your taxes by…
The IRS faces a particularly challenging rollout to the 2019 filing season, best summarized in four words: more work, fewer employees. President Donald Trump signed the latest tax reform law in December 2017, but the…
Yes, the ACA’s individual mandate penalty is still in effect, and will continue to be in effect in 2018. If you’re uninsured in 2018 and not eligible for an exemption, you’ll owe a penalty when…
Integrity & Verification Operation (IVO) department provides leadership and direction to employees responsible for fraud detection and prevention, revenue protection, and account correction. Integrity and Verification Operation (IVO) is the department designated to screen individual…
When you’re doing your income taxes, you will require a number of forms and probably the most significant one is the W2 form. Every business that you were employed at in the course of the…
Taxpayers generally want to avoid filing errors because they lead to tax problems and inconveniences. There are times when a taxpayer might experience tax filing mistakes due to complicated and sometimes confusing forms, calculations, and filing…
Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent…
The Treasury Department and the Internal Revenue Service have announced a redesign of the 1040 individual income tax return form that is being touted as one that will fit on a single postcard. The new,…
Everybody knows the old saying about death and taxes, yet a surprising number of people fail to file an income tax return. If you’re one of those people and you think you’ll be able to…
If you’re married, you have the option to file one or two tax returns every year. While most people file together on one return due to the increased standard deduction, in some situations, it makes…
After months of intense negotiations, the President signed the $1.5 trillion tax reform legislation known as the “Tax Cuts And Jobs Act Of 2017” (the “New Law”) on December 22, 2017 – the most significant tax…
The Most Common Tax Question: Which Deduction Should You Take? Every taxpayer has the same decision to make when filing a federal return:Do you take the standard deduction or do you itemize? The right choice…
Where’s My Refund? is an IRS online tool you can use to check the status of your tax return within 24 hours after the Internal Revenue Service has received your e-filed tax return or four…
Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal…
