No matter how hard you try to safeguard personal information, there is still a chance that someone could steal or otherwise misuse your dependent’s Social Security number. Often, the use of another taxpayer’s Social Security number is a mistake resulting from another filer transposing the numbers during filing, but it can also be the result…
It turns out that there is no set time schedule for when refunds have to be given to people who file taxes (and who qualify). This is probably not the answer that you wanted and is slightly unsettling. The IRS doesn’t like to leave us completely in the dark; in prior years they issued a refund…
When filing tax returns, the second question everyone asks is “How long does it take to get my tax refund back?” Of course, the first question everyone asks is “How much is my refund?” Tax Refund Direct Deposit versus Mail If you want to get your refund faster, opt for the direct deposit route. Not…
The government shut down early Saturday, January 20th after Congress failed to agree on a funding bill. That triggered automatic furloughs for government employees deemed “non-essential.” That means only a portion of each federal agency’s employees will continue to work through the shutdown. A shutdown plan posted on the Treasury Department’s website shows that nearly…
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 Accounts: Some transactions post to the Master File on a daily basis as opposed to during the weekly cycle. If your cycle code ends with a…
The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018.…
Again this year, the IRS Tax Refund Site, Where’s my Refund? is often overloaded. When you e-file, your tax return is usually accepted within 24 hours of filing by the IRS. Then your seemingly endless wait begins for the orange bar to move to approved. We are receiving reports daily from this year’s filers that…
The Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years. The reforms will simplify taxpaying for many individual Americans, lower taxes on individuals and businesses, and update the business tax code so that American corporations and the people they employ can be globally competitive…
The number of data breaches was already on a record pace for 2017 before the reported theft of nearly 145 million Americans’ names, addresses and Social Security numbers brought the issue to the forefront. Every day, data thefts large and small put people’s personal and financial information at risk. There are steps that data theft…
The fiscal year 2018 budget plan the House Budget Committee approved in July calls for a radical change in the Earned Income Tax Credit (EITC) that could harm millions of low-income working families and cause serious problems for the IRS in processing tax returns. The budget would delay EITC payments indefinitely each year until the…
