What is the reference number 1242?

The IRS uses code 1242 to indicate in its system that your return was received and is under review. From there you'll be issued a CP05 Notice from the IRS requesting that you verify some of the information you provided in your tax return.

Form Refund Memo With References

Q: How long does it take to process 6042C?

We&#039;ll contact you within 180 days if we have questions. If not, no action is required. It will take about 9 weeks to make a determination and process any returns once we&#039;ve reviewed your response.

Q: Does it really take 9 weeks after identity verification to get refund?

What happens after I successfully verify? We&#039;ll process your tax return. It may take up to 9 weeks to receive your refund or credit any overpayment to your account. However, if we find other problems, we&#039;ll contact you again and this may delay your refund.

Q: How do I check my refund status with refund reference number?

Use the IRS Where&#039;s My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours. You can contact the IRS to check on the status of your refund.

Category:

Small Business - Personal Business Forms

State:

Multi-State

Control #:

US-136-AZ

Format:

Instant download

Description

The Form Refund Memo with References is a structured document designed to facilitate the issuance of refunds for purchases with price discrepancies. It serves as a request for a credit memo to be processed by the accounts receivable department, ensuring clarity and accuracy in refund requests. Key features include fields for customer details, payment preferences (credit card or check), purchase information, and a breakdown of the total refund amount. Users must attach a copy of the purchase receipt, which helps streamline the verification process. The form requires specific signatures and dates to authorize the refund, ensuring proper accountability and compliance. This form is especially useful for attorneys, paralegals, and legal assistants in finance-related cases where precise documentation of transactions is critical. It can also benefit legal partners and owners who manage billing disputes or client refunds. By utilizing this form, legal teams can maintain effective financial records and enhance their operational efficiency in handling refunds.

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How to fill out Credit Memo Request Form?

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FAQ

We'll contact you within 180 days if we have questions. If not, no action is required. It will take about 9 weeks to make a determination and process any returns once we've reviewed your response.

The IRS uses code 1242 to indicate in its system that your return was received and is under review. From there you'll be issued a CP05 Notice from the IRS requesting that you verify some of the information you provided in your tax return.

What happens after I successfully verify? We'll process your tax return. It may take up to 9 weeks to receive your refund or credit any overpayment to your account. However, if we find other problems, we'll contact you again and this may delay your refund.

Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours. You can contact the IRS to check on the status of your refund.

Taxpayers that receive a Letter 6042C must provide the following information: Responsible party's name, title and social security number. Entity EIN and any associated EINs (lost your EIN? ... Month and year the EIN was obtained. Type of entity and forms required to be filed.