February 15, 2014 : Kristin Shaw - Editor
IRS Updates: Code 1121 and an Increased Number of Returns [VIDEO]
The IRS issued a couple important notices this week, and we wanted to share the information with you.
First, it is no exaggeration when we say the IRS is busy. As of Feb. 7, the agency had received more than 27.3 million tax returns, an increase of 2.5% compared to last year. So far, 19.5 million refunds have been issued.
The week of President’s Day is a time when many people are trying to contact the IRS, so the agency has announced that it will not answer all questions over the phone. Chiefly, representatives will not give you information on the status of your return if it has not been more than 21 days since it was received. You can check your status with Where’s My Refund. The IRS also recommends using online tools if you have a tax law question or need to settle a tax bill, instead of calling.
Also, there has been some concern among taxpayers who are seeing “code 1121” appear on the Where’s My Refund site. The IRS has said that this code is just a reference tool and that it does not indicate an audit. Their recommendation is to keep checking Where’s My Refund for updates. There is no need to call for more information.
Finally, one last reminder that Where’s My Refund only updates once per day. If you log in multiple times within 24 hours, you can risk being locked out.