The IRS or the Internal Revenue Service has initiated the tax season from January 27. More than 140 million Americans will file returns before the April 15 deadline.
While many taxpayers filed their taxes, some taxpayers stated that their ‘as of’ date on the IRS transcript was changed.
Although the IRS has not released any official statement about the change, there are some explanations for this change.
However, what does the ‘as of’ date on the taxpayer’s IRS transcript indicate? Well it indicates the date up to which the account information of the taxpayer is accurate. The changes in the date can be attributed to different causes.
Accretion of Interest and Penalties
Continuing calculation of interest and penalties on any outstanding balances are often updated by the IRS and with the passage of time any changes can prompt an update to the “as of” date.
Processing Updates
If a taxpayer has filed a return and made a payment or if the IRS is processing adjustments to the taxpayer’s account, the “as of” date may be indicative of the expected completion date of these activities.
System Projections
IRS could also predict future dates for expected updates or actions in the taxpayer’s account and it could lead to an “as of” date set in the future.
Also Read: February 2025 Social Security Payments: Schedule, Exceptions, and COLA Increase
