It is tax time once again and Advantage Credit, Inc. wants you to be prepared! With the start of a new filing season there are always a couple of items that need to be addressed, important reminders and dates to keep in mind.
• The Transcript Delivery System (TDS) for Tax Return Transcripts and Record of Accounts can only process the current year and three prior years therefore, Tax Year 2010 is no longer available.
• To head off any rejects on the Signature Date please make sure that the taxpayer uses 2015 and not 2014. Starting February 2, 2015 Requests with a Signature Date of 2014 will be rejected.
• Important Dates to be aware of:
- 2014 Tax Transcripts will be readily available by March 2015.
- W-2’s become readily available by the end of July.
- If the consumer E-filed the processing time is approximately 2 to 3 weeks.
- If the consumer filed by mail the processing time is approximately 4 to 6 weeks.
- If the request comes back “No Record on File” charges will apply.
• Generally, the 2 week time frame for e-filed documents to be available is accurate. There are cases, however, that become the exceptions for various reasons. When we process requests we are simply entering the 4506T data into the computer, which sends available transcripts to you. We don’t know if information is unavailable until it is sent in as a request.
• Just a reminder that 1099/w2 can’t be requested or processed until July. All requests for these products will be considered a reject. The IRS will not give us a “No Records on File” doc for this product.
• Tax payers can always call IRS customer service (800-829-1040) with any questions or concerns they may have. The customer service number also provides the option to order their transcripts by phone.
Have further questions? We are always happy to help! Contact Advantage Credit’s Tax Team at 800-670-7993 Ext. 4.