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The difference is when your tax return is processed, and when updates are made and posted to your account.
Daily Accounts:
Some transactions post to the Master File on a daily basis as opposed to during the weekly cycle.
If your cycle code ends with a 01, 02, 03, 04 your account follows Daily processing and usually posts updates on Wednesday Mornings.
⦁ Daily Account tax returns are processed Friday(01), Monday(02), Tuesday(03), Wednesday(04)
⦁ Major updates with direct deposit dates for Daily account usually take place on Wednesday mornings.
⦁ Accounts that follow Daily processing update on Where’s My Refund(WMR) on Wednesday early mornings with Friday Direct Deposit Dates.Some individual tax returns that require no additional actions to the taxpayers account process to the master file on a Daily basis, unless you would meet one of the disqualifiers below on your tax account that would make you become a weekly account.
ITIN Accounts
Foreign Address
Campus Address
Freeze Codes
Identity Theft Indicators
Prisoner File
Related MFT 31 (Bankruptcy, Offer in Compromise, Restitution Related, Tax Court, Innocent Spouse, Exam agreed/ unagreed cases, Taxpayer Assistance Order, Installment Agreement, Currently Not Collectible)
Criminal Investigation Activity
Tax Module History (two years prior) with CI, Exam or Collection Activity
Civil Penalty Account (MFT 55)Weekly Accounts:
If your cycle code ends with 05 your account follows Weekly processing and usually posts updates on Satuday Mornings.
⦁ Weekly Account tax returns are processed only on Thursdays(05)
⦁ Major updates with direct deposit dates for Weekly account usually take place on Saturday mornings.
⦁ Accounts that follow Weekly processing update on Where’s My Refund(WMR) on Saturday early mornings with Wednesday Direct Deposit Dates.Individual tax returns that require additional actions to ensure the tax return is accurate before it can be processed must continue to be processed on a weekly basis to allow the IRS time to verify and correct the tax return before it posts to the Master File. The IRS included efforts in its software planning to identify specific tax return transactions and taxpayer accounts that require additional review prior to processing the tax return. The IRS has identified approximately 148 million taxpayer accounts that contained characteristics that would cause a tax return to be processed weekly (called disqualifiers).
Entity: Entity disqualifiers relate to transactions or characteristics that are in the entity portion of a tax account. Examples include accounts marked as identity theft, accounts in bankruptcy litigation, and accounts with an IRS processing center zip code.
Tax Module – Freeze: Tax Module Freeze disqualifiers relate to conditions present on the individual tax periods within a tax account. Examples include tax periods with a claim pending, with an offer-in-compromise, or marked uncollectible.
Tax Module – Transactions: Tax Module Transaction disqualifiers relate to codes or transactions present on the individual tax periods within a tax account. Examples include tax periods with certain penalty transactions or underreported issues.
Incoming Transactions: Incoming transaction disqualifiers relate to conditions posting to tax periods during the prior tax Filing Season. Examples include changes to the tax account or adjustments made to the tax return as a result of actions taken at the time the tax return is processed.To figure out if you have a daily or a weekly account with the IRS You have to go to the IRS “Get Transcript”
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