Many individuals may not know they can request, receive, and review their tax records via a tax transcript from the IRS at no charge. Transcripts are often used to validate income and tax filing status for mortgage applications, student loans, social services, and small business loan applications and for responding to an IRS notice, filing…
What does N/A on my tax transcripts mean? When checking your tax transcripts and if you see a N/A in place of the most recently filed tax transcripts. The N/A is letting you know that your transcripts for the current filed tax year are Not Available yet. If you are seeing a N/A when checking…
There are different ways to obtain tax return information. Most requests can be satisfied with a computer printout of your return information called a transcript. However, sometimes you need an exact copy of a previously filed and processed tax return with all attachments (including Form W-2). Copies are generally available for returns filed for the…
These are some of the most common questions we see on a daily basis. All Refunds Are Delayed The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in 10 taxpayers get their refunds faster by using e-file and direct deposit. It’s the safest, fastest way to receive a…
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries will remain fully visible to assist with tax preparation, tax representation and income verification. The IRS is taking this action…
If your Where’s My Refund? Status Bars Have Disappeared PLEASE READ! One way to determine what is going on with your tax return is to go to the IRS website and request an Account Transcript. The IRS has made the “Get Transcript Tool” available for users to be able to instantly view their transcripts Online…
Transaction Codes (TC) are essential three-digit identifiers used by the IRS to track and manage transactions on taxpayer accounts within the Master File system. These codes play a critical role in accounting controls, ensuring accurate recording of debits, credits, and other actions. Each Transaction Code is integral for posting transactions, generating reports, and identifying specific…
Millions of taxpayers are going transcript crazy right now and wasting the IRS time that they could be processing our returns. We all need to slow down if you order your transcripts by mail the IRS says to allow them 5-10 days for processing and delivery. The IRS also has a restriction on the time…
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…
A cycle code is an 8 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 4 digits of the current cycle year, two-digit IRS cycle week, and two-digit processing day of the week. Cycle Code Breakdown Example: 20180903…
