Tag Archives: Internal Revenue Services

Taxpayer Bill of Rights Fact Sheet

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Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them easier to find and understand. A list of your rights as a taxpayer and IRS obligations to protect them can be found in IRS Publication 1, Your Rights as a Taxpayer (Shown Below).  It includes The Right to Challenge the IRS’s Position and Be Heard. Taxpayers have the right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions, to expect that the IRS will consider their timely objections and documentation promptly and fairly, and to receive a response if the IRS does not agree with their position. If you are notified by the IRS that your tax return has a mathematical or clerical error, you have 60 days to tell the IRS that you disagree. You should provide photocopies of any records that may help correct the error. Also, you may call the number listed on your notice or bill for assistance. If you are correct, we …

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2014 IRS Refund Cycle Code Chart NEW UPDATES!

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2014 Tax Season IRS Tax Refund Cycle Code Chart and Resources The IRS Tax Refund Site, Where is my Refund, is often overloaded.  When you efile, your return is usually accepted within 24 hours of filing by the IRS.  The wait can seem endless for the orange bar to move to approved.  Many have reported that their bars disappear completely a day or two before their tax return is approved. IF THE WMR ACCEPTED AND APPROVED BARS HAVE DISAPPEARED PLEASE READ! A quick way to determine if your refund is about to be approved is to go to the IRS website and request a transcript.  You can also call and request a transcript at 800-829-1040, however, checking online is easier.  If you are able to request a 2014 transcript, check the tax codes and if you have an 846 code, it means your refund has been approved. The IRS website only updates once a day and typically there are no updates on Sunday and Monday. See the example transcript image below. Understanding Your Tax Transcript The next step is to find your IRS Refund Cycle Code.  View the codes below to see what date your refund will be direct deposited.   …

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New Law Offers Special Tax Option for Donations Aiding Families of Slain New York Officers

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Cash Contributions Until April 15 Can Be Claimed On 2014 Returns Taxpayers who make cash contributions on or before April 15 to charities providing relief for the families of two slain New York City police officers can receive an immediate tax benefit by choosing to claim a charitable contribution deduction on their 2014 federal income tax returns, according to the Internal Revenue Service.

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Your Tax Refund and Offsets to Pay Your Unpaid Debts

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If you can’t pay your taxes in full, the IRS will work with you. But you should know that back taxes or certain past due debts can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts. Here are five facts to know about tax refund offsets. Bureau of the Fiscal Service The Department of Treasury’s Bureau of the Fiscal Service, or BFS, runs the Treasury Offset Program. Offsets to Pay Certain Debts Past due federal tax debt may reduce your tax refund. The BFS may also use part or all of your tax refund to pay certain other debts such as: Past-due child and parent support. Federal agency non-tax debts, such as a delinquent student loan. State income tax obligations. Certain unemployment compensation debts owed to a state. Notified by Mail The BFS will mail you a notice if it offsets any part of your refund to pay your debt. The notice will list the original refund and offset amount. It will also include the agency that received the offset payment. It will also give their contact information. How to Dispute Offset If …

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Top Eight Tax Tips about Deducting Charitable Contributions

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When you give a gift to charity that helps the lives of others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity: Qualified Charities You must donate to a qualified charity if you want to deduct the gift. You can’t deduct gifts to individuals, political organizations or candidates. To check the status of a charity, use the IRS Select Check tool. Itemized Deduction To deduct your contributions, you must file Form 1040 and itemize deductions. File Schedule A, Itemized Deductions, with your federal tax return. Benefit in Return If you get something in return for your donation, your deduction is limited. You can only deduct the amount of your gift that is more than the value of what you got in return. Examples of benefits include merchandise, meals, tickets to an event or other goods and services. Donated Property If you gave property instead of cash, the deduction is usually that item’s fair market value. Fair market value is generally the price you would get if you sold the …

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Tax Transcript Cycle Code 20151301 thru 20151305

Tax Cycle Code Chart 20151301 thru 20151305

FAQ for Tax Transcript Cycle Code 20151301 thru 20151305 We were getting so many questions regarding the Tax Transcript Cycle Codes that we decided to split them up by week. This will make the topics easier for you to read and comment on. Tax Transcript Cycle Code Chart   You need to view the following file and check for a cycle code and 846 Refund Issued Code. To order your transcript click here! PLEASE NOTE! If you cannot access your Tax Transcript yet, you can estimate your refund date by viewing the Estimated Tax Refund Schedule here! Tax Resource Links H&R Block Customer Service (payments team) 1-877-859-7950 TurboTax Customer Service 1-800-414-5644 5:00 AM – 5:00 PM PT (Monday – Friday) IRS 800-829-1040 Jackson Hewitt 800-234-1040 Jackson Hewitt®smartcard Customer Service at (866) 518-4722 Find Your Local Tax Office http://www.irs.gov/uac/Contact-Your-Local-IRS-Office-1 Are You Experiencing a Financial Hardship Due to a Delayed Refund? If you are experiencing economic harm, believe an IRS system or procedure isn’t working as it should, or are seeking help in resolving tax problems that have not been resolved through normal channels, you may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach them at 1-877-777-4778 or TTY/TTD …

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Taxpayers Receiving Identity Verification Letter Should Use IDVerify.irs.gov

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Did you Receive an Identity Verification Letter from the IRS? The Internal Revenue Service today reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task. Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indications of being identity theft but contains a real taxpayer’s name and/or Social Security number. Only those taxpayers receiving Letter 5071C should access idverify.irs.gov. The website will ask a series of questions that only the real taxpayer can answer. Once the identity is verified, the taxpayers can confirm whether or not they filed the return in question. If they did not file the return, the IRS can take steps at that time to assist them. If they did file the return, it will take approximately six weeks to process it and issue a refund. Letter 5071C is mailed through the U.S. Postal Service to the address on the return. It asks taxpayers to verify their identities in order for the IRS to complete processing of the returns if the taxpayers did file it or reject the returns if the taxpayers did not file …

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Good Records Key to Claiming Gifts to Charity

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The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns. This is the seventh in a series of 10 daily IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as the April 15 deadline approaches. For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution categories — each gift of at least $250 and donations of vehicles. First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more. This includes gifts of both cash and property. For donations of property, the acknowledgement must include, among other things, a description of the items contributed. In addition, the law requires that taxpayers have all acknowledgements in hand before filing their tax return. These acknowledgements are not filed with the return but must be retained by the taxpayer along with other tax records. Second, special reporting requirements generally apply to vehicle donations, …

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