Most people keep asking me what IRS code 571 means on the internal revenue service tax transcript for 2023.
Chances are that you are looking for what IRS code 571 means. If that is the case, then you are in the right place.
This article focuses on what code 571 means on the IRS tax transcript.
Please note that this article focuses on the tax transcript and not Section 571 of the IRS publication.
That is not the main focus of this guide.
The main objective of this guide is to explain in detail what the IRS code 571 means on 2023 tax transcript.
Meaning Of IRS Code 571 According To The Pocket Guide
According to the Internal Revenue Service Pocket Guide, code 571 means Reversal of Tax Code 570.
That is the broad meaning of the tax transaction code 571.
You will see Resolved Additional Account Action or even Pending on the IRS account transcript.
Though this is self-explanatory, as it means reversing a previous status on your transcript, let us take a closer look at what it means in detail.
If you see tax code 571 on your 2023 transcript, then it means a freeze that was previously put on your account was lifted.
This is a reversal of the TC 570 hold and undoing the freeze on your refund.
This is good news for taxpayers.
So for those of you seeing 571 resolved additional account action on your tax transcript, that is the meaning.
What Does Code 571 Means According To The IRS Master File Codes?
Below is the detailed meaning of the IRS tax transaction code 571:
Releases the 570/576 freeze status.
That is the explanation given to the tax code 571 according to the Master File codes of the Internal Revenue Service.
According to the internal revenue service, TC 570 means Additional Liability Pending and/or Credit Hold.
So, if you had code 570 previously and now you see IRS account transcript code 571 on your transcript, then it means the pending liability or credit on hold has been reversed.
Hence, you no longer have a freeze on your refund.
What To Do If I Have Resolved Additional Account Action On My 2022/2023 Tax Transcript?
Most people get frustrated when they see code 571 on their tax transcripts. But that should not be the case.
Here is what you need to do if you are affected.
Please kindly contact the Internal Revenue Service representative for further details in your particular circumstance regarding TC 571.
For further clarifications, please contact the IRS on phone 800-829-1040 (Individuals) and 800-829-4933 (Businesses) from 7 am to 7 pm local time.
That is all you need to know about the IRS code 571 on the 2022/2023 tax transcript.
Here is the list of other IRS codes and their ultimate guides:
Those are some of the tax codes you may see on your transcript apart from 571 resolved additional account action.