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 Refund? has the most up to date information available about your refund. The tool is updated daily so you don’t need…
The IRS has many different types of notices that they may send out to taxpayers. A notice will cover a very specific issue about the taxpayer’s account or tax return. Generally, the IRS sends notices when they believe a taxpayer owes additional tax or if there is a question about an item on a return. It’s…
In order to be declared uncollectible by the IRS, you will have to prove to the IRS that if they were to collect the tax that is owed to them it would create an unfair economic hardship. The IRS will consider each person on a case-by-case basis. The IRS doesn’t necessarily have a set formula…
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 tax return. Here are a few things taxpayers should keep in mind if they are waiting on their refund but…
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 Bill of Rights protects all taxpayers working with the IRS. In fact, they lay out the framework to make sure the IRS…
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 it to pay: Past-due child support; Federal agency non-tax debts; State income tax obligations; or Certain unemployment compensation debts owed…
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 current cycle year, two-digit IRS cycle week, and two-digit processing day of the week. Cycle Code Breakdown Example: 20190604 =…
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 many of them do you think were absolutely perfect and mistake-free? The IRS doesn’t post that number, but they do…
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 you are eligible even if you don’t have any tax liability. When you file your 2019 taxes next year, you could…
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 either Social Security number triggers an offset. If all or part of your portion of the refund was offset or…
