2023 Tax Transcript Cycle Code Charts 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…

Unreported Income Can Trigger an IRS Investigation If you fail to fully report your income to the Internal Revenue Service (IRS), you could be heading for tax troubles ahead. Most taxpayers are aware that failure to file a tax return could catch up with them.…

4 Common Mistakes The IRS Makes Every tax season, you take great care to file everything you need to file and report everything you need to report. After you are satisfied you have completed everything truthfully, you finally send your return…

5 Items On Tax Returns The IRS Will Notice The good news for taxpayers is that the risk of being audited is historically low. While just over one percent of taxpayers were audited in 2010, that number dipped to 0.45 percent in 2019. Still, a significant…

The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpa…

The Internal Revenue Service announced today significant progress to prepare for the 2023 tax filing season as the agency passed a milestone of hiring 4,000 new customer service representatives to help answer…

An Offer in Compromise can be an effective way for individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt f…

IRS sending letters to over 9 million people who did not claim various tax benefits Starting this week, the Internal Revenue Service is sending letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a 2021…

Time is running out. The October 17 filing extension deadline is just days away. Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday to avoid the penalty for…

An IRS online account makes it easy for people to quickly get the tax planning info they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in a…

Your Rights as a Taxpayer

Tax fairness means the tax system is equitable to all citizens. This is not just a concept – it is the law. The right to a fair and just tax system is one of the 10 rights in…

What You Should Know About the IRS Automated Underreporter The Automated Underreporter (AUR) program is an important part of compliance efforts at the Internal Revenue Service (IRS). Most people are aware they could be audited by the IRS. The thought of an IRS audit…

Who Can You Claim as a Tax Dependent? One of the most common elements of a fraudulent income tax return is a claim for unqualified dependents. So—who can you claim? There are important tax benefits available for taxpayers who support d…

Amending Your Tax Return – the How, Why, and When So, we are all on the same foot, amending your tax return is basically sending the IRS a new tax return, correcting errors made on the last tax return you filed for that year. You technically can amend more than…

IRS Gains New Funding To Expand Operations And Audits The Internal Revenue Service (IRS) will receive a significant increase in funding with the passing of the Inflation Reduction Act, potentially leading to an increase in its compliance and enforcement…

Tax Transcript Code 806 – W-2 or 1099 Withholding The IRS transaction code 806 will appear on your tax transcript to show the total amount of federal income tax withheld from your paycheck throughout the year that was reported on forms W-2 and 1099’s. Once y…

Tax Transcript Code 150 – Tax Return Filed 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…

Tax Refund Status – Received, Approved, Sent 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 retu…