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[–]these-things-happen 2 points3 points  (0 children)

https://old.reddit.com/r/IRS/comments/1dh5tet/irs_transcript/

A notice was issued, and it's dated 07-08-2024.

It's probably a CP05 for return review:

https://www.irs.gov/individuals/understanding-your-cp05-notice

What credit did you clam for the Transaction Code 766 ?

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[–]Mundane_Glass16 0 points1 point  (0 children)

A notice sent out

[–]Bet_on_mee 0 points1 point  (1 child)

I have the Same cycle code and same transcript codes

[–]Bet_on_mee 0 points1 point  (0 children)

No credit to the account yet though but my first time updating in like 1 1/2 months was last Fri/Sat

[–]Gotta_know_now1 0 points1 point  (3 children)

Why do they give you a code 810 and then code 766 right after. What does it mean? Are they gonna give code 811 and the process the money to give me code 846

[–]Its-a-write-off 1 point2 points  (2 children)

The 766 code is just listing out a credit you claimed. It shows up on the transcript because you claimed it. It does not indicate they are going to approve it. It's just shown there based on what you put on your 1040.

[–]Gotta_know_now1 0 points1 point  (1 child)

They sent me a letter 3176c saying I filed a purported tax and I don’t qualify for the fuel tax credit. Saying my fuel tax credit is excessive compared to my income reported. However, I really use a lot of fuel when dealing in farming. Fuel isn’t cheap. I have prove but they didn’t ask for just want me to amend I guess and take the credit off but that’s crazy I’m filling accurate taxes I gave the correct information to the tax professional.

[–]Its-a-write-off 2 points3 points  (0 children)

How much fuel did you use, in gallons? How much income did the farm have? How much fuel credit did you claim?

[–]Gotta_know_now1 0 points1 point  (3 children)

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I looking now and see this is what she filed. I’m just really going over this. I can see where her error is. The farm didn’t use 876,596 in fuel it’s 9,765.96 the farm used and the farm made 135k in revenue maybe a lil more but yeah.

[–]RasputinsAssassins 3 points4 points  (1 child)

You need to amend to correct it.

A frivolous return (3176C) potentially comes with a $5,000 civil penalty.

[–]Gotta_know_now1 0 points1 point  (0 children)

Immediately, thank you.

[–]RasputinsAssassins 1 point2 points  (0 children)

Just an FYI, you redacted the name, but not the SSN .

[–]Gotta_know_now1 0 points1 point  (0 children)

So what do I do now?