Tax season is underway, and many taxpayers are eagerly awaiting updates about their refunds. If you’re claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), it’s essential to understand how the IRS “Where’s My Refund” tool operates under the Protecting Americans from Tax Hikes (PATH) Act. Why Are EITC and…
Tax season is here, and many taxpayers are eager to get their refunds as quickly as possible. For those who need extra cash during the holidays or before their refunds are processed, tax refund advance loans can be a lifesaver. These loans are offered by major tax preparation services and provide early access to a…
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 =…
Order would put an end to Navient’s years of abuse of students and taxpayers in the federal student loan program Today, the Consumer Financial Protection Bureau (CFPB) announced a proposed order against Navient, a major student loan servicer, for its long history of mismanagement and illegal practices. If the court approves the order, Navient will…
Running a home-based business comes with many perks—flexibility, no daily commute, and the comfort of working in your own space. But one of the most significant advantages is the ability to deduct certain expenses on your taxes, which can lead to substantial savings. To make the most out of these deductions, it’s important to understand…
Tax season can be a time of anticipation and excitement, especially when you’re expecting a refund from the IRS. Understanding when the IRS makes deposits for tax refunds can help you plan better and manage your finances efficiently. Here’s a breakdown of what you need to know about IRS deposit schedules. When does the IRS…
It’s that time of year again – Tax Day 2024 is here! Today is the deadline to file your 2023 tax return or to request an extension. Whether you’ve been on top of your tax prep or find yourself scrambling to gather documents, now is the time to act. File Your 2023 Taxes to Avoid…
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 on December 18, 2015, first impacted tax returns filed starting in 2017 and will continue to impact all future tax returns until the…
The IRS’s “Where’s My Refund?” tool will be updated by February 17, 2024, for many taxpayers who claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). Before February 17, some taxpayers may see a PATH ACT Disclaimer message or an intermittent message (Being Processed) informing them that the IRS is…
Tax season brings not only the anticipation of a refund but also the importance of safeguarding one’s identity against potential threats like identity theft. If you’ve encountered the message, “To protect you from identity theft, your tax return is currently being reviewed. To help us process your return more quickly, verify your identity and tax…
