The Internal Revenue Service (IRS) often makes changes to tax returns because of mathematical errors. This step is done to ensure the current amount is paid each year. If the IRS finds that the information on your paperwork needs to be corrected or completed, they may make changes to it. […]

You submitted your tax return on time. After waiting for your refund for three weeks without getting anything, you decide to look at your transcript. That’s when you see different codes assigned to your profile. Two common ones are 570 and 971. What do they mean, and what can you […]

The Internal Revenue Service reviews millions of tax returns each year. The agency uses transaction codes on individual taxpayer records to streamline its processes. When you file your taxes, the information creates a register that the IRS maintains yearly. If you have a refund, the transaction register shows that the […]

Planning for your tax responsibilities can be challenging. If you have multiple income streams, you could pay a significant percentage to the government. Although taxes are something that most people pay, smart money management can reduce your liabilities significantly. It helps to have a plan going into this process so […]

Most people receive their tax refunds from the IRS in two or three weeks after completing the e-file process. If you file a paper return, receiving any funds you’re due can take six to eight weeks. If it’s been longer than that and the Where’s My Refund tool isn’t helpful, […]

You’ve been dealing with some tax issues. You thought the information for your EITC and other credits was accurate, but now you’ve been discussing the matter with an agency representative. As you look at the transcript one day after that conversation, you see Code 766 or Code 768 present. What […]

If you have a traditional job in the United States, you work for a company. They are the “employer,” and you are their “employee.” You receive compensation for your time and productivity in this employer-employee relationship. Most people are paid weekly, twice per month, or monthly. When you receive your […]

Tax Day comes around every April 15 – or a little later if that day falls on a weekend. Taxpayers in the United States can file their returns at any time between when the IRS starts accepting them and that deadline. If you don’t have the financial documents ready by […]

Most people call the IRS because they want to know the status of their tax refunds. The IRS can only provide help in that circumstance 21 days after filing a return electronically or six weeks after mailing a paper return. An IRS agent can also assist before those times if […]

When cryptocurrencies were first introduced, a scramble to create digital wallets and mining operations occurred. In the early days of these efforts, the IRS didn’t know how to treat the profits and losses that occurred through crypto trading. As the markets have matured and more people have gotten involved with […]