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Daily vs. Weekly Accounts

Estimated reading time: 2 minutes

Explain it like I’m 5…

Tax returns are processed by the IRS in cycles based on the “type” of account they have. For many people, they can be processed any day of the week, but for others the IRS are only able to process and post to the IRS master file (IMF) once per week.

“IMF processing will be daily except on weekends. Some transactions post to IMF on a daily basis as opposed to during the weekly cycle.”

IRS Manual “IMF Daily Processing” 3.30.123.4.9 (Updated 01-01-2021)

Here, we hope to be able to break it down and help answer some of the most frequently asked questions IRS daily and weekly accounts.

What is “Weekly” or “Daily”?

Your IRS Account is identified as either being updated weekly or daily.  Cycle codes ending in 01, 02, 03, 04 are daily accounts.  Cycle codes ending in 05 are typically weekly accounts, but in some cases, they may be daily.

How do I know if I am a Weekly or Daily?

Look at the last 2 digits of your Cycle Code.  If it ends in 01, 02, 03, 04 transactions post to our IMF account daily except weekends.  If it ends in 05, you could be weekly or daily.  For weekly accounts, transactions are posted to the IMF account only once weekly.

Why does daily or weekly matter?

It doesn’t really. However, people use it to check what day they should expect updates on IRS Transcripts or the IRS “Where’s My Refund” (WMR) tool.

When do Daily Accounts update?

Changes to IRS Transcripts and WMR can occur any day of the week.

When do Weekly Accounts update?

Changes to IRS Transcripts can be viewed on Friday and updates to WMR occur on Saturdays.

Can I use WMR to figure out if I am Daily or Weekly?

If WMR only updates on Saturdays with a direct deposit date for the following Wednesday, then there is a good chance you are a Weekly Account. If changes to WMR and direct deposit dates occur on other days each year, then you may be a Daily Account.

What are some of the most common reasons for a Weekly Account?

-Identity theft indicators 
-Bankruptcy
-Injured Spouse
-Prisoner file
-Audits and Examinations
-Foreign address

Deciphering whether you are a daily or weekly account can be confusing, join us to ask questions in our live discussion.