2015 IRS Refund Cycle Chart for Tax Year 2014

2014 IRS E-File Cycle ChartThis is a schedule for 2015 IRS Refund Cycle Chart. Direct Deposit and Check date’s below. Please see disclaimer. 2015 tax refund schedule is listed below for information purposes. This is just for the first week. Find out when you’re state income tax refund will be in. Please consider donating $1 to $5 to us for help with cost of running the site. If you use our schedule on your webpage, please drop us a link. January 23rd, 2015 is the first day of tax season 2015. The I.R.S will begin accepting tax returns January 23rd, 2015.

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Today is the official start to the I.R.S. 2013 Tax Season. We want to compile a list of payments dates for our users to see to better help them determine the date that they will get their refund. So we pose the question, “When did you get your refund 2014?”

We would like everyone to reply to this post with the date that their refund was accepted and the date that I.R.S. has set for their direct deposit or check. To find out this date, you will need to visit the I.R.S. Where’s My Refund webpage here.

Optionally, we would also like you to post the date that your state refund, what state, and when your state finance department gives your refund date. To find out this, visit our Where’s My State Refund page.

Please comment here with Federal Acceptance Date, Federal Payout Date, (optional) State Acceptance Date, State, and State Acceptance Date.

Thank you for helping to make our 2014 Refund Schedule to be as accurate as possible.

The IRS Accepting Several Thousand Income Tax Returns Early.

We have received hundreds of reports that the I.R.S. has been accepting tax returns before January 31st, 2014. It seems that they have started accepting select few income tax returns on January 24th 2014. We contacted the I.R.S. on that day and were told that to help with the case load, they have accepted some returns early. They plan is to accept returns all next week that meet very strict rules.

From Hot Springs Tax Services: We have had several clients who filed within the last two weeks have their Federal Tax Returns accepted by the I.R.S. We expect the I.R.S. to have a payout date on Wednesday, January 29th, 2014. Just a reminder, there are no guarantees when it comes to the I.R.S.

From the I.R.S. Where’s My Refund website:

“We have received your tax return and it is being processed.

You should get your refund within 21 days from the date we received your tax return.”

Please comment on here when you were accepted, so that we can keep see if they do a pay out on January 29th. This would be in line with 2012 and 2011 tax returns.

Why is my 2014 refund still processing?

2014 IRS Tax Refund Schedule wrong for you?

By the stats, the current tax season has been quite a success. The Internal Revenue Service is reporting that, despite an abbreviated season, they are processing tax returns and issuing tax refunds at a much faster pace than last year. Why is my 2014 refund still processing?

Of course, all of the numbers in the world don’t matter when the one number you’re counting on – your own refund – is affected.

This season, I’ve heard from a number of taxpayers experiencing tax refund delays (though certainly nothing near last year’s education credit snafu). Initially, the trouble seemed to focus on those 1121 codes. The IRS was made aware of the problem and did issue a statement, saying:

A very small percentage of taxpayers may see an 1121 reference number if they check “Where’s My Refund?” after they initially were provided a projected refund date by the tool. The IRS is aware of this situation, and emphasizes that the small group of taxpayers who see this reference number should continue checking Where’s My Refund for an update. If we need more information to process their return, we will contact them — usually by mail.

Most of the taxpayers who reached out to me regarding the 1121 issue have since reported that they’ve either received their refunds or updated information about the delay.

However, shortly after the 1121 issue was made public, the focus from taxpayers on social media – and in emails, direct messages and private messages to me – has zeroed in on another code that’s popping up over and over: TC 570. There is a notable difference between the 1121 code and the TC 570: the latter is not an explicit refund code. It appears not on the “Where’s My Refund?” tool but on a taxpayer’s transcript. That’s an important distinction.

I reached out to IRS to find out whether there was any sort of systemic issue causing taxpayers to see a TC 570 on their transcript. So far, the answer to that question is no. The IRS is, however, clearly aware of the concerns and had this to say:

A Transaction Code 570 can mean different things in different cases so a taxpayer should not try to draw a conclusion based on the presence of a TC 570. The Transaction Code 570 will stop a refund from being issued until the impact of the action being taken on the account and the refund is determined and processed. Transaction Codes are used internally by the IRS to identify a transaction, adjust and research tax accounts and to maintain a history of actions posted to a taxpayer’s account. While they are reflected on transcripts they are not reflected on most public facing documents or tools like Where’s My Refund because they are difficult to interpret and can have different meaning depending on the case and associated codes and files. Again, the best way for taxpayers to check the status of their refund is by going to Where’s My Refund.

It’s a statement worth repeating. The IRS uses a lot of internal codes on transcripts and they can mean different things. And what it means exactly isn’t always apparent to the person taking the call at IRS. Does that suck? Of course it does. Trust me. I’ve been on the end of those calls trying to decipher what’s going on for taxpayers. And I totally believe that taxpayers are calling IRS and getting two or three different answers about the status of their refund. And I believe that taxpayers deserve a better answer.

But I would caution taxpayers not to try and pick apart their tax transcripts in an effort to find answers. There is no “one size fits all” answer to the TC 570 – not even in the best of circumstances. It does not necessarily equate, as some have surmised, an audit. Nor does it means, as others have posited, that the refund is subject to an offset. It could mean those things – but again, you’re not going to be able to tell from a glimpse at your transcript this early in the season.

Those codes? They don’t always mean what you think they mean.

I know that isn’t the answer that taxpayers want to hear. And trust me, I am continuing to pester IRS about these issues (believe me when I say that they have my number). But it’s not a certainty that a TC 570 on your transcript is anything sinister at this stage of the season. The data doesn’t appear to support it. And if there’s a real problem with your specific return, you’ll hear from IRS.

And yes, there have been problems. I have confirmed reports that a glitch in at least one program has resulted in the issuance of paper checks instead of direct deposit. Errors – mostly transposition of numbers – have slowed processing of other returns. There have been bounces for bad addresses. Returns have been held because of prior years when no returns were filed. And yes, identity theft continues to be a big problem especially when SocialSecurity numbers for dependents have appeared on more than one return. Clearly, not everyone is having a smooth tax season.

By the numbers, however, most taxpayers are getting their refunds as quickly as anticipated. On average, the IRS expects to issue tax refund checks to 9 of 10 taxpayers in 21 days or less. Those are pretty good odds. But that still means that 1 in 10 taxpayers will receive refund checks after that 21 day window. That sounds like a pretty small number until you calculate the total against the number of refunds issued. The IRS expects to process about 140 million tax returns this season. In 2013, they issued more than 100 million tax refund checks. If 1 in 10 taxpayers get their refunds after 21 days, that still works out to about 10 million taxpayers. That’s more than the individual populations of 42 states. It’s more than the combination populations of Alabama and South Carolina, the 23rd and 24th most populous states. So, yes, it’s a lot. But the number of taxpayers who do receive their refunds within that 21 day window? That’s more than the combined populations of our most populous states (California, Texas and Florida) or more astoundingly, the combined population of 25 of our least populous states.

Does that help those taxpayers who are depending on refund checks that have not yet been deposited? Of course not. I know you want your money. And I know that in many cases, you’re depending on that money. But work through the right channels. Keep checking the “Where’s My Refund?” tool for information. If you are advised to call the IRS, do so. If you get mail from IRS, open it. But at this stage, it truly is a waiting game. If I hear anything further (and I am pursuing these issues), rest assured that I will post it as soon as it becomes available.

Discuss this and more on the Income Tax Forums.

Need help preparing your 2014 Tax Return? Visit Hot Springs Tax Services.

IRS Warns of Tax Scams in 2014.

The IRS is warning Americans of tax scams. This year identity theft and phone scams top the agency’s “Dirty Dozen” list of worst schemes taxpayers could encounter.

In a news release, the IRS announced Americans could see these scams at any point in the year, but many of the schemes peak during tax season.

“Scams can be sophisticated and take many different forms. We urge people to protect themselves and use caution when viewing emails, receiving phone calls or getting advice on tax issues,” IRS Commissioner John Koskinen said in a news release.

Below are the top three scams taxpayers should be on the lookout this year. IRS Warns of Tax Scams!

Identity Theft

The IRS said tax fraud through identity theft tops this year’s list. Fraudsters like to get taxpayers Social Security Number and other bits of information. They then use it to fraudulently file a tax return and claim the refund.

The IRS suggests taxpayers be alert to possible identity theft if they receive an IRS notice that states:

  • More than one tax return for you was filed.
  • You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return.
  • IRS records indicated you received wages from an employer unknown to you.

If you believe you were a victim of identity theft the IRS suggests you notify the agency as soon as possible.

Telephone Scams

The IRS said it has seen an increase in local phone scams across the United States. Callers pretned to be from the IRS. The goal is to steal money or identities from victims.

According to the IRS, these scams come in many variations. Some callers will say the victim owes money or is entitled to a larg refund. Others might threaten arrest or driver’s license revocation.

Common characteristics of these scams include:

  • Scammers use fake names and IRS badge numbers.
  • Callers might be able to recite the last four digits of a victims Social Security Number.
  • Con artists may imitate the IRS toll-free number to make it seems like it’s the IRS calling.
  • Scammers sometimes send falsified IRS emails to victims to support their bogus calls.

False Promises of “Free Money”

It is common for scam artists to pose as tax preparers during tax season. The IRS said scammers lure victims in by promising large federal tax refunds. They use flyers, phony store fronts and word of mouth to attract as many victims as possible. The IRS said these scammers prey on people who do have a filing requirement like low-income individuals and the elderly.

For more information on these scams and several others visit IRS.gov.

Find out when your Income Tax Return will arrive on our 2014 IRS E-File Cycle Chart.

Discuss this on the Income Tax Forums.

Millions of taxpayers have already received big refund checks, as the 2014 tax filing season seems to be humming along without a hitch. IRS issuing many refund checks already.

The Internal Revenue Service announced today that it issued $64.5 billion in refunds to 19.5 million taxpayers as of Feb. 7, a total dollar amount that was up 24% from the same time last year. The average refund check issued this year, $3,317, is also 4.6% larger than last year.

It’s not too surprising that this filing season is running more smoothly than last year, when the IRS lagged the previous year’s pace for issuing refunds throughout most of the filing season. The agency had to put off accepting certain tax forms until as late as March because it was updating its systems following the tax-code revamps caused by the fiscal-cliff legislation.

But taxpayers are also submitting their returns more quickly. The IRS received more than 27 million returns as of Feb. 7, up 2.5% from the same time in 2013. Nearly 96% of those were filed electronically. Samuel Hale, 21, a college student near Fort Worth, Texas, says his refund was deposited into his checking account Friday morning, a week after he filed his return electronically using online software. “I was very surprised,” says Hale, who couldn’t file his return until April last year because of a missing W-2 form.

In an interesting shift, the data shows more taxpayers are doing their own returns so far this tax season. Roughly half of the returns submitted, or 13.3 million, were self prepared, up 14.7% from last year. Typically, about 60% of returns are handled by a tax pro, according to IRS data.

Of course, not all taxpayers have been able to file their returns yet. Some people are still waiting on paperwork from their brokers, employers or colleges that they need to report all income and claim certain tax breaks. And some people aren’t eager to file their returns. Taxpayers who need to cut a check to the IRS generally wait until closer to April 15 to file.

Taxpayers can track their refunds using the  “Where’s My Refund?” tool starting 24 hours after filing electronically, or four weeks after mailing in a return. About 90% of refunds are issued within 21 days, though some may be delayed if there is an issue with the return.

Discuss this and more on the Income Tax Forums.

FIRST IRS 2014 DIRECT DEPOSITS JUST WENT OUT.

February 6th, 2014, 12:00A.M. the I.R.S. sent out thousands of tax payments to individuals who filed before January 31st, 2014. Some individuals who filed before January 31st, 2014 were not included in this due to the overflow of individuals who submitted their returns. Those individuals should watch the Where’s My Refund page and expect a payout on the next payout day being “on or before February 13th, 2014.”

Please reply to this post when you submitted, were accepted, approved, and if you received your refund last night.

 

WASHINGTON – In an almost annual ritual, Congress is letting a package of 55 popular tax breaks expire at the end of the year, creating uncertainty — once again — for millions of individuals and businesses.

Lawmakers let these tax breaks lapse almost every year, even though they save businesses and individuals billions of dollars. And almost every year, Congress eventually renews them, retroactively, so taxpayers can claim them by the time they file their tax returns.

2014 tax breaks: Congress letting 55 tax breaks expire at year endNo harm, no foul, right? After all, taxpayers filing returns in the spring won’t be hurt because the tax breaks were in effect for 2013. Taxpayers won’t be hit until 2015, when they file tax returns for next year.

Not so far. Trade groups and tax experts complain that Congress is making it impossible for businesses and individuals to plan for the future. What if lawmakers don’t renew the tax break you depend on? Or what if they change it and you’re no longer eligible?

“It’s a totally ridiculous way to run our tax system,” said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation. “It’s impossible to plan when every year this happens, but yet business has gotten used to that.”

Some of the tax breaks are big, including billions in credits for companies that invest in research and development, generous exemptions for financial institutions doing business overseas, and several breaks that let businesses write off capital investments faster.

Others are more obscure, the benefits targeted to film producers, race track owners, makers of electric motorcycles and teachers who buy classroom supplies with their own money.

There are tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States, and a credit for expenses related to railroad track maintenance.

A deduction for state and local sales taxes benefits people who live in the nine states without state income taxes. Smaller tax breaks benefit college students and commuters who use public transportation.

A series of tax breaks promote renewable energy, including a credit for power companies that produce electricity with windmills.

The annual practice of letting these tax breaks expire is a symptom a divided, dysfunctional Congress that struggles to pass routine legislation, said Rep. John Lewis of Georgia, a senior Democrat on the tax-writing House Ways and Means Committee.

“It’s not fair, it’s very hard, it’s very difficult for a business person, a company, to plan, not just for the short term but to do long-term planning,” Lewis said. “It’s shameful.”

With Congress on vacation until January, there is no chance the tax breaks will be renewed before they expire. And there is plenty of precedent for Congress to let them expire for months without addressing them. Most recently, they expired at the end of 2011, and Congress didn’t renew them for the entire year, waiting until New Year’s Day 2013 — just in time for taxpayers to claim them on their 2012 returns.

But Congress only renewed the package though the end of 2013.

Why such a short extension? Washington accounting is partly to blame. The two-year extension Congress passed in January cost $76 billion in reduced revenue for the government, according to the nonpartisan Joint Committee on Taxation. Making those tax breaks permanent could add $400 billion or more to the deficit over the next decade.

With budget deficits already high, many in Congress are reluctant to vote for a bill that would add so much red ink. So, they do it slowly, one or two years at time.

“More cynically, some people say, if you just put it in for a year or two, then that keeps the lobbyists having to come back and wine-and-dine the congressmen to get it extended again, and maybe make some campaign contributions,” said Mark Luscombe, principal tax analyst for CCH, a consulting firm based in Riverwoods, Ill.

This year, the package of tax breaks has been caught up in a debate about overhauling the entire tax code. The two top tax writers in Congress — House Ways and Means Committee Chairman Dave Camp, R-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont. — have been pushing to simplify the tax code by reducing tax breaks and using the additional revenue to lower overall tax rates.

But their efforts have yet to bear fruit, leaving both tax reform and the package of temporary breaks in limbo. When asked how businesses should prepare, given the uncertainty, Camp said: “They need to get on board with tax reform, that’s what they need to do.”

Further complicating the issue, President Barack Obama has nominated Baucus to become U.S. ambassador to China, meaning he will soon leave the Senate, if he is confirmed by his colleagues.

As the Senate wound down its 2013 session, Democratic leaders made a late push to extend many of the tax breaks by asking Republican colleagues to pass a package on the floor of the Senate without debate or amendments. Republicans objected, saying it wasn’t a serious offer, and

the effort failed.

So should taxpayers count on these breaks as they plan their budgets for Income Tax 2014?

“The best thing I would say is, budget accordingly,” said Jackie Perlman, principle tax research analyst at The Tax Institute. “As the saying goes, hope for the best but plan for the worst. Then if you get it, great, that’s a nice perk. But don’t count on it.”

Discuss this and more at the Income Tax Forums.

IRS Delays Start of 2014 U.S. Tax Filing Citing ShutdownThe U.S. Internal Revenue Service delayed the start of the tax-filing season for one to two weeks, citing the recent 16-day federal government shutdown.

The IRS, which had been scheduled to open filing Jan. 21, 2014, will now begin accepting returns for tax year 2013 as early as Jan. 28. The agency will make a final decision on the date in December, according to a statement today.

“Readying our systems to handle the tax season is an intricate, detailed process, and we must take the time to get it right,” Danny Werfel, the acting IRS commissioner, said in the statement.

This is the second year in a row that the IRS has postponed the filing season. Returns for 2012 were accepted starting on Jan. 30 after Congress delayed setting some tax policies.

“Considering the IRS has dealt with much larger changes on far shorter notice over the past years without delay, its reasons are suspect,” Sarah Swinehart, a spokeswoman for the Republican-led House Ways and Means Committee, said in an e-mail.

The IRS furloughed more than 90 percent of its employees during the shutdown, which began Oct. 1 when Congress was unable to pass a spending bill and ended after midnight Oct. 17.

‘Adds Insult’

“This is yet another unfortunate effect of a shutdown that Republicans should have never caused,” Representative Sander Levin of Michigan, the top Democrat on the Ways and Means Committee, said in a statement. “This tax-filing delay just adds insult to injury for Americans hoping to get a jump-start on their tax refunds in January.”

The delay won’t alter the April 15 deadline for taxpayers to file their returns or seek extensions.

At the start of the filing season, the IRS largely issues refunds to taxpayers who file as soon as they can. This year, the IRS issued $135 billion in refunds from Jan. 30 to March 1. That’s more than was paid from March 2 to May 10, when the agency received 50 percent more returns.

Delaying refunds could have an additional consequence in 2014. The U.S. debt limit is suspended through Feb. 7, and changes in the government’s projected spending after that date will affect the timing of how long the Treasury Department’s extraordinary measures to prevent a default will last.

Because the government may issue more refunds after Feb. 7 than previously anticipated, a potential lapse in borrowing authority could come a few days sooner than projected, said Loren Adler, research director at the Committee for a Responsible Federal Budget in Washington.

The delayed start of tax-filing season probably will create a backlog of potential returns for the start date, rather than delaying all returns equally.

“Those are folks who are trying to do this as soon as their books are in order,” Adler said.

The Bipartisan Policy Center projects that the U.S. will run out of borrowing authority between the end of February and mid-March 2014.

Discuss this and more in the Income Tax Forums.

IRS Shutdown?

The October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return.

Just because IRS employees are not available to answer phones or issue refunds, due to the current lapse in federal appropriations does not mean filing deadlines and payment due dates can be delayed.  IRS warns all taxpayers of the continuing requirement to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as required by law.

Many of the more than 12 million individuals who requested an automatic six-month extension earlier this year have yet to file their Form 1040 for 2012. Though Oct. 15 is the last day for most people to file, some groups still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due. People with extensions in parts of Colorado affected by severe storms, flooding, landslides and mudslides also have more time, until Dec. 2, 2013, to file and pay.

The IRS offered several reminders for taxpayers during the current appropriations lapse:

  • Taxpayers are encouraged to file their returns electronically using IRS e-file or the Free File system to reduce the chance of errors.
  • Taxpayers can file their tax returns electronically or on paper. Payments accompanying paper and e-filed tax returns will be accepted and processed as the IRS receives them. Tax refunds will not be issued until normal government operations resume.
  • IRS operations are limited during the appropriations lapse, with live assistors on the phones and at Taxpayer Assistance Centers unavailable. However,www.IRS.gov and most automated toll-free telephone applications remain operational.
  • Tax software companies, tax practitioners and Free File remain available to assist with taxes during this period.

E-file Now – The IRS urged taxpayers to choose the speed and convenience of electronic filing. IRS e-file is fast, accurate and secure, making it an ideal option for those rushing to meet the Oct. 15 deadline. The tax agency verifies receipt of an e-filed return, and people who file electronically make fewer mistakes too.   Of the nearly 141.6 million returns received by the IRS so far this year, 83.5 percent or just over 118.2 million have been e-filed.

Anyone expecting a refund can get it sooner by choosing direct deposit. Taxpayers can choose to have their refunds deposited into as many as three accounts. See Form 8888 for details.

Payment Options – Taxpayers can e-pay what they owe, either online or by phone, through the Electronic Federal Tax Payment System (EFTPS), by electronic funds withdrawal or with a credit or debit card. There is no IRS fee for any of these services, but for debit and credit card payments only, the private-sector card processors do charge a convenience fee. For those who itemize their deductions, these fees can be claimed on next year’s Schedule A Line 23. Those who choose to pay by check or money order should make the payment out to the “United States Treasury”.

Taxpayers must be sure to file their return by Oct. 15, even if they can’t pay the full amount due. Doing so will avoid the late-filing penalty, normally five percent per month, that would otherwise apply to any unpaid balance after Oct. 15. However, interest, currently at the rate of 3 percent per year compounded daily, and late-payment penalties, normally 0.5 percent per month, will continue to accrue.

For additional information seehttp://www.irs.gov/uac/Newsroom/Reminder:-Oct.-15-Tax-Deadline-Remains-During-Appropriations-Lapse

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