The IRS has released another in its series of reminders to ensure “smooth processing” of your tax returns and avoiding delay in refunds. Among their tips: Have all relevant documents, such as W-2s and 1099s, before filing a return. Taxpayers may also need a copy of their 2015 return. Beginning in 2017, taxpayers using a…
In life, there are things you just know, chief among which is the fact that you never, ever mess with Trey Gowdy, especially when you’re clueless on a particular issue because he will knock you squarely into the middle of next week. A while back, the IRS, on order from the Obama Administration, was unfairly…
The IRS has unjustly seized $43 million from over 600 people under the guise of violating structuring laws, despite the fact that no legitimate crimes were committed. According to federal law, whenever someone conducts a cash transaction that exceeds $10,000, the bank is required to file a currency transaction report with the Treasury Department.…
IRS Wasted $12 Million Dollars on Unusable Email System A report released by the Treasury Inspector General for Tax Administration (TIGTA) revealed that the IRS (Internal Revenue Service) spent $12 million on an email system that it couldn’t use. The agency purchased two years’ worth of email software subscriptions from Microsoft before finding out that…
The IRS has yet to release an official first day to file taxes in 2017, but we estimate January 24th, 2017 to be the first day to file in 2017. The IRS will begin accepting the 2016 Tax Returns on January 24th, 2017. In previous years, we have seen the IRS announce their official start…
Most taxpayers know about the big itemized deductions that can lower your tax bill, like mortgage interest, state income taxes, real estate taxes, and charitable donations. But these are just the most obvious ones to put on Schedule A. If you really want to pry loose some additional money-saving deductions, you’ll need to think beyond…
The information being stolen is a big problem for taxpayers. At first, they thought that this was only a rumor until the rumors became reality when the IRS was staggered by a number of complaints from taxpayers, stating that they were somewhat abused by criminals who are using their own tax identities for an unrighteous…
Last year’s income tax season was marked by an explosion of refund theft. Will this year be any different? Increased protections may cut down on fraud but will likely draw out the wait for your money. Changes will be visible when you use tax preparation firms and filing software, with warnings akin to those from…
When you’re waiting for your refund there’s nothing more annoying than not being able to get a phone number for a real person. Sometimes the online “where’s my refund” portal just doesn’t cut it or doesn’t answer your question and you really need to talk to a live person to get your question answered. As…
IRS Account Transcripts Transaction Codes Transaction Codes (TC) can be found on your account transcript and consist of three digits. They are used to identify a transaction being processed and to maintain a history of actions posted to a taxpayer’s account on the Master File. Every transaction processed must contain a Transaction Code to maintain…
