American Taxpayer Relief Act was enacted finally at the close of 2012 saving millions of taxpayers from waiting to file tax returns. This legislation provided updated AMT income exemptions for 2012 and also addressed indexed amounts for the future and inflation. The amounts will now be automatically raised with inflation and passing new legislation each … Read more
One cause presumably is our senators and representatives not working fast enough during the fiscal cliff debacle to finalize tax laws. And the effect? Taxpayers are now awaiting the IRS to update forms, publications, instruction and of course the systems to reflect changes and start running our returns through properly. The IRS aimed for January … Read more
Great News – My taxes are done. Conflicting info already being passed down through the refund grapevine: when does the IRS begin processing returns? Well, I like to walk on the wild side, play with fire and the like; so, of course as soon as the forms were available through TurboTax today, I filed my return. … Read more
The following information was extracted from the IRS Publication 1437 dated December 2012: IRS acknowledges each transmission of electronic return data. A return can be acknowledged (ACK) as accepted, even though it has not been through any mathematical verification. There are two types of ACK files: the Transmission ACK File and the Validation ACK File. … Read more
1. The expected date of when the refund will be sent will no longer be given when the return begins to be processed. 2. The refund status will be presented by way of a status bar as follows: RETURN RECEIVED – From the time the return is received until the refund has been approved the … Read more
The refund cycle chart published by the IRS in the past has been eliminated and replaced with general information on their website about timing and where you can use the check Where’s My Refund tool. We have said goodbye to the former refund cycle chart in replacement of a standard “21 days” response from the … Read more
And when does the season begin? It is currently Tax Year 2012. Tax Year 2012 began on January 1, 2013 and you will file for year 2012. Rumor has it that IRS will not issue a refund cycle chart… hmmnn, maybe because of the debacle last year? What about the fiscal cliff? Will that and … Read more
These terms are thrown around when discussing the dates provided by the WMR. HDD was coined as “hard direct deposit” because the language from WMR says something about “your refund will be deposited on XX” and trends tell us that this is usually a firm (hard) date that doesn’t hange and pretty accurate. A DD … Read more