2024 IRS TAX REFUND UPDATE - NEW Refunds Approved, Delays, Tax Transcripts, Notices, Reviews

On today’s IRS Tax Refund update as we have finally reached the tax filing deadline, we will take a look at the latest developments including the next round of tax refunds scheduled for release as well as new numbers on the growing tax return backlog still impacting many, and from there we will recap the top causes of refund delays this year as reported by our viewers as well as adjusted tax refunds and the causes, and some of those tax transcript codes being reported. Starting off with the latest as the next round of direct deposit tax refunds is scheduled for release on April 17th and 18th as confirmed by the tax transcripts seen here, now if your part of this latest refund batch do allow up until April 24th for that deposit to post to your account before initiating a payment trace with the IRS. Meanwhile the IRS has released its latest set of processing numbers and are now indicating they have processed 100.1 million out of the 101.8 million tax returns received so far this year, however in a concerning development the number of unprocessed tax returns has seen a massive increase in the last week to now over 1.7 million remaining which includes many of our viewers. Also as a reminder the IRS still be paying interest on delayed refunds starting 45 days after the end of the tax filing deadline on April 15th, however in most cases with an 8% interest rate on an average refund amount that does not usually come out too much. Even though the tax filing deadline has arrived tax processing will continue, there are issues will continue for many so we are going to recap the top issues still impacting tax filers this year, and we continue to advise those with prolonged delays now that the filing period has ended to open up a case with the taxpayer advocate in regards to your issue especially if you have been waiting over 60 days at this point. Now one of the main issues causing refund delays, but something that in most cases can be resolved by the IRS is an entry error on the tax return in question, and in 2022 over 17 million tax returns contained entry errors that had to be corrected by the IRS in order for that refund to be released.


0:00 Introduction
0:25 New Refunds
1:52 Tax Delay Issues
4:30 IRS CP12 Notice
5:19 Tax Transcripts
6:03 Closing


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Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.


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