Frequently Asked Questions

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”.

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”.

Go to the IRS website at http://www.irs.gov/Individuals/Order-a-Transcript to request a copy or transcript.

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.

To get an update on your tax refund call 1-800-829-4477.

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

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.

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.

People often misunderstand what the $15,000 gift exclusion represents as gifts are not deductions on an income tax return. Instead, the $15,000 gift exclusion is the maximum amount you are allowed to gift to one individual without being required to file a gift tax return.