Frequently Asked Questions

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Most Asked Questions

Where's My Federal Refund

Asked Tuesday, February 19, 2013 by an anonymous user
Your receipt of your Federal refund might be delayed to the end of February, 2017 if your tax return claimed a earned Income tax credit or the additional child tax credit. Here are some tips to help taxpayers with their refund questions:
Have the right tax information ready before using any of the IRS refund tools. This includes Social Security number, filing status and refund amount.
You don't need to check the IRS website “Where's My Refund” more than once a day as your information will not change. To avoid system delays, the best time to check on refunds is evening and weekends.
There is no need to call the IRS about your refund; the telephone service has the same information that is available on “Where’s My Refund”.
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Where is My Federal Tax Refund?

Website Availability

Asked Tuesday, February 19, 2013 by an anonymous user
Nine out of 10 taxpayers typically receive refunds between 14 and 21 days, when they use e-file with direct deposit.
Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day. IRS systems ("Where's My Refund") are only updated once a day, usually overnight, and the same information is available whether on the internet, IRS2go smartphone app or on IRS toll-free lines (1-800-829-4477).
While "Where's My Refund" is updated nightly, your account will not change that frequently.
The heavy volume of refund inquiries means that the IRS anticipates both "Where's My Refund?" on IRS.gov and the refund feature on the IRS2go phone app will have limited availability during busier periods.
Here are some tips to help taxpayers with their refund questions:
Have the right tax information ready before using any of the IRS refund tools. This includes Social Security number, filing status and refund amount.
You don't need to check the IRS website “Where's My Refund” more than once a day as your information will not change. To avoid system delays, the best time to check on refunds is evening and weekends.
There is no need to call the IRS about your refund; the telephone service has the same information that is available on “Where’s My Refund”.
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Most Asked Questions

How do I get a copy or transcrpit of my prior year tax return?

Asked Thursday, February 07, 2013 by an anonymous user
Go to the IRS website at http://www.irs.gov/Individuals/Order-a-Transcript to request a copy or transcript.
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Most Asked Questions

Online Payment options - Installment Agreement

Asked Tuesday, February 05, 2013 by an anonymous user
You can make monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately.
Apply for an installment agreement •Apply online if you owe $50,000 or less in combined individual income tax, penalties and interest.
Go to http://www.irs.gov/Individuals/Online-Payment-Agreement-Application to apply for a payment agreement with the IRS.
Fees for setting up an installment agreement: •$52 for a direct debit agreement; •$105 for a standard agreement or payroll deduction agreement; or •$43 if your income is below a certain level.
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Most Asked Questions

What is the phone number to find the status of your Federal tax refund?

Asked Tuesday, January 29, 2013 by an anonymous user
To get an update on your tax refund call 1-800-829-4477.
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Most Asked Questions

When can I file my 2016 tax return?

Asked Thursday, January 17, 2013 by an anonymous user
The IRS will now begin accepting returns for tax year 2016 on Jan. 23, 2017.
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Filing Status & Requirements

Does my dependent child have to file a return?

Asked Thursday, November 08, 2012 by an anonymous user
For 2011 returns, if your dependent child (claimed as a dependent on your tax return) has no investment income, the child does not have to file a return if earned income does not exceed $5,800. If you child has more than $950 of investment income, even if it has no other earned income, your child must file a tax return. If the child's earned income is only from interest and dividends, and your child has no earned income, you can elect to report this investment income on your tax return
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Most Asked Questions

Sale of Assets or Sale of Stock?

Asked Tuesday, June 26, 2012 by an anonymous user
In the sale of assets, all the tangible and intangible assets to be transferred to the buyer are normally separately identified. The buyer's assumption of liabilities, if any, must be carefully provided for.
The sale of assets is in contrast to the sale of stock, in which all assets and liabilities of the entity represented by the stock are transferred as part of the sale of stock. The entity remains in place, and so do the assets and liabilities. Only the ownership of the stock itself is changed in such a sale.
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Filing Status & Requirements

Can I get an extension to file?

Asked Monday, April 02, 2012 by an anonymous user
If you can’t file your return on time, you can file an extension with form 4868. While everyone is entitled to an automatic six month extension to file, people misunderstand that this automatic extension form only gives you more time to file and not more time to pay.
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Most Asked Questions

What is a 1099-C and why did I receive this?

Asked Tuesday, March 27, 2012 by an anonymous user
When you make a settlement with a credit card company, the amount of forgiven or cancelled debt is considered income and is reported to the IRS. A 1099-C, or cancellation of debt tax notice, reports the amount of money you need to include on your tax return. For example, if you settle $50,000 in debt with your credit card company you might still owe the IRS $20,000 in taxes - and the IRS is not as forgiving as the credit card companies. *There is an exception for mortgage debt cancelled on your primary residence as this cancelled debt is not considered income.
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