2024 IRS TAX REFUND UPDATE - New Refunds Approved, Transcript Updates, ID Verification, IRS Notices

On today’s IRS tax update we will take a look at the latest developments including the newest updates to those tax transcripts, and finally additional movement for some of those who are experiencing refund delays due to the 570 code appearing on their tax transcripts, meanwhile we will recap the next two tax refund dates set by the IRS, and take a look at the second top reason for delays this year which is the need to complete ID verification and the steps more and more viewers are taking to get the process completed. Starting off with the latest developments as we have seen the latest tax transcripts specifically impacting those with tax transcript cycle codes ending in 01, 03, and 04, now in the cases of these two transcripts submitted by viewers both had been experiencing delays like many of you due to the 570 transcript code appearing on their tax transcripts which represented a hold on their tax return requiring further action by the IRS. In the case of the transcript at the bottom the viewer had been stuck with the 570 and 971 codes with two different dates for over two weeks before finally seeing the 571, and 846 codes all appear in the latest update. Now the 571 code lifted the previous tax return hold, which was the 570 code, the 971 code indicated a letter the IRS sent out about the problem previously which the viewer reported at the CP 05 notice, and finally the 846 refund issued code with a direct deposit date set for March 8th. Now we continue to hear from viewers who are still waiting on that ID verification letter from the IRS that they have instead decided to schedule an in person appointment at their local IRS to complete the process. We have had several viewers complete the process in person last month who received their refunds between two and three weeks after, others who have recently completed the process, and are waiting on that refund, and other viewers who have scheduled an appointment in the next few weeks. We do know that scheduling in a person appointment to complete ID verification is not going to work everyone especially those further away from their local IRS office or not able to take time off based on their schedules.


0:00 Introduction
0:29 570 Transcript Updates
2:40 New Refunds
3:31 ID Verification
4:20 IRS Notice
4:55 IRS Appointments
6:09 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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