Tax Masters 101

03/20/2026

That letter is basically the IRS saying: “pause… we’re taking a closer look.” Not a denial, not an audit panic button, just a checkpoint. Let’s decode it together 🔍
📬 What this is
This is an IRS Notice CP05
Meaning your 2025 return is under review before they release your refund.
🧾 What it actually means (in plain English)
The Internal Revenue Service is double-checking things like:
Income you reported vs what employers sent (W-2s, 1099s)
Withholding amounts
Credits (especially refundable ones like EITC, ACTC, etc.)
Think of it like your return got pulled into the “let’s make sure everything matches” pile.
⏳ Timeline
They say up to 60 days
Sometimes it resolves faster, sometimes it drags a bit longer if they’re waiting on employer data
🚨 Do you need to do anything?
Right now: Nope. Sit tight. Unless they send another letter asking for documents.
📌 Possible outcomes
💸 Refund gets released (best case, most common)
📄 They ask for proof (paystubs, W-2s, etc.)
⚖️ They adjust or deny part of the refund (less common, but happens)
👀 When to pay attention
If you claimed credits (especially large ones)
If income reported doesn’t match IRS records yet (common early season issue)
If you had multiple jobs or 1099 income
🚩 Important note at the bottom
That identity theft section is just a “just in case” clause
👉 Only worry about that if you DIDN’T file the return

01/31/2026

01/28/2026

Make sure you wait on all your W-2s. If you leave off a W-2 it could hold your taxes up. The IRS checks this! If you have any questions give us a call. 888-242-1999.

01/24/2026

If you live in GA and you were pregnant at the end of 2025. Do not forget that you can claim your child on state with the heart beat law.

01/23/2026

W-2s are rolling in… that means REFUND TIME! 🎉
Bring your W-2 and come see us at Tax Masters 101 we make tax time easy and stress-free!
💵 Qualify for a Tax Advance from $500 to $6,000 while you wait (if approved)!
Let’s get your maximum refund started today!
👉 Visit taxmasters101.com or call us now888-242-1999!

01/23/2026

🎄 IRS Main Line
1 800 829 1040

🎄 Tax Transcripts
1 800 908 9946

🎄 Holds Department
1 866 897 3315

🎄 Identity Verification
1 800 908 4490

🎄 Tax Advocate
1 877 777 4778

🎄 Tax Advocate Supervisor
1 877 275 8271

🎄 Refund Line
1 800 829 1954

🎄 Refund Line with Shorter Wait
1 800 829 0582 ext 652

🎄 Treasury Offset Program
1 800 304 3107

Important IRS contact numbers you may need now and throughout the tax season. Save them just in case 😊

01/23/2026

Recent social media rumors claiming that Donald Trump signed a law preventing parents who receive child support from claiming their children as dependents are false. The TikToker who initially shared this claim admitted they made it up.
Here are the facts regarding Trump, child support, and tax credits as of early 2026:
No Such Law Exists: There has been no executive order or law signed by Trump that changes the rules for claiming a child based on receiving child support.
IRS Rules Remain: Generally, the custodial parent (the one with whom the child lived for the greater number of nights) is the one entitled to claim the child as a dependent and receive the child tax credit, regardless of who pays child support.
Child Support and Taxes: Child support payments are not tax-deductible for the payer, nor are they considered taxable income for the recipient.
"One Big Beautiful Bill Act" (2025): In July 2025, President Trump signed the One Big Beautiful Bill Act, which expanded family-related tax benefits. Key provisions include increasing the Child Tax Credit (CTC) to $2,200 per child (up from $2,000) for the 2025 tax year, with adjustments for inflation starting in 2026.

01/23/2026

If you welcomed a baby in 2025, your child may be eligible for a $1,000 IRA account. This account begins July 1st, and your tax professional can complete the required form on your behalf.

In addition, if you have dependents who are 10 years old or younger as of 12/31/25, they may be eligible for a $250 IRA account.

To receive these benefits, Form 4547 must be completed.

Don’t leave money on the table. If you qualify, make sure it’s filed correctly and on time.

01/20/2026

Trump accounts" are a proposed savings and investment program for children, established under the One Big Beautiful Bill Act. For children born between 2025 and 2029, the government will provide a $1,000 seed deposit, and parents can contribute up to $5,000 per year. The funds are restricted to specific low-cost S&P 500-tracking mutual funds or ETFs and are intended to grow until the child turns 18. Key features of Trump Accounts Government contribution: A one-time $1,000 government deposit is provided for each eligible child born between December 31, 2024, and January 1, 2029.

Parent/family contributions: Parents, guardians, and other family members can contribute up to $5,000 per year.

Employer contributions: Employers can contribute up to $2,500 per year, and this amount does not count toward the employee's taxable income.

Investment restrictions: Funds must be invested in mutual funds or ETFs that track the S&P 500 or another index of U.S. companies, with a low expense ratio of no more than 1%

Contribution limits: The total annual contribution limit is $5,000, with the government deposit not counting toward this limit.

Withdrawal rules: Before age 18, the funds cannot be withdrawn. At age 18, the account is transferred to the child and can be withdrawn, but earnings are taxed as ordinary income. Withdrawals before age 59½ may be subject to a 10% penalty, similar to a traditional IRA, with exceptions for certain qualified expenses like college tuition.

Taxation: Contributions are not tax-deductible, but investment earnings are tax-deferred. When withdrawn, the earnings are taxed as ordinary income.

Implementation: The program is expected to be managed by the U.S. Department of the Treasury, with an expected launch by January 1, 2026.