Money Today That Matters Tomorrow
The transcript excerpt below shows how the IRS deals with refunds that are issued, but cancelled for some reason or unable to be paid due to incorrect bank account details. I’ll review the key codes and associated dates in this article. Seeing transaction code 841 (refund cancelled) on their tax …
Ongoing tax return processing delays and additional reviews mean many tax filers are getting multiple letters from the IRS, including ones stating that their tax return (and refund payment) will be further delayed for up to an additional 60 days. They may get the “We need an additional 60 days” …
The NY Department of Taxation and Finance (NYDTF) manages the administration and collection of taxes and related programs for individuals and corporations in the state. Generally, you have to file a state tax return if you’re an income earning resident or part-year resident or a non-resident who earned income from a …
2022 Updates Proposed A bipartisan group of representatives has passed a bill in the house, called Secure Act 2.0, which is proposing the following changes: Raised RMD age to 72 from 70½, which is when people are required to start withdrawing money from retirement accounts. It would raise the age …
Many homeowners have had their mortgage payments change recently and there are multiple reasons why this may have happened, as discussed in this article. You’ll need to have the mortgage statement from your lender handy to find out more, which should indicate why the payment has increased. I’ll cover some …
Gas prices have reached multi-year highs as anyone who drives or uses a car can attest to. Along with high inflation, soaring gas prices are now part of the daily zeitgeist. Energy and basic living expenses (like food and shelter), make up 30% to 60% of most households expenditures, so …
We all have that Uncle who swears he “just needs 500 bucks” to start his million dollar food truck. No? Well, maybe that’s just me……The fact is, the average American tax filer gets almost $3000 back from the IRS each year in the form of a tax refund. So if …
A notice or letter (“Notice”) from the IRS can sound intimidating, but there can be many reasons for receiving one. Not every notice is negative or even needs the same amount of attention. That is a common misconception: one that makes the act of receiving a letter more worrisome than …
Many tax payers are seeing the following startling messages on WMR or IRS2Go when they go to check the status of their refund. Naturally their reaction is one of shock, followed by frustration and anger. These notifications are to inform tax filers about adjustments the IRS automatically made that either …
2021 was not an easy year for investors to navigate. With political unrest in the wake of the previous year’s election, a pandemic that kept wide swathes of the economy closed down and disrupted supply chains, and the alarming start of inflationary prices, it was hard to find good bets …
Transaction codes are used on IRS tax transcripts to provide information for individual and business filers into what is currently happening with their tax return processing, reasons for potential delays, when a refund will be paid or why it was lower than expected (offsets). There are dozens of codes, but Code …
I got the following longish comment on a recent article covering tax season delays/frustrations, from someone who may have worked at the IRS to retort all the negativity folks are putting out there this tax season due to extended delays with refund payments and processing beyond normal timelines. Interesting to …
A lot of filers face a sense of dread after they receive a IRS notice or letter in the mail advising them that they need to provide more information related to their tax return, take some action or potentially face further examination or audit by the IRS. A primary concern …
You go and check the mailbox and realize you’ve received a dreaded letter from the IRS. Scary, right? No one wants to receive a note from the IRS because they aren’t usually friendly or nice. You were expecting your tax refund to hit your bank account and instead are faced …