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

On today’s IRS tax refund update we will take a look at the latest developments including the next round of tax refunds scheduled for release this week and from there we will recap some of those ongoing tax refund delays as we approach the three-month mark until the start of the 2025 tax season as well as possible resolutions for those still experiencing tax refund delays. Starting off with the latest as the next round of tax refunds is scheduled to be released by the IRS on October 17th as confirmed by the tax transcript seen here, now if you are part of the latest refund batch do expect to receive that direct deposit in your bank account on the posted date, however if you selected to have your tax filing fees taken out of your tax refund that means the IRS will send your tax refund to your tax filing processor who will then deduct the appropriate fees before releasing the remaining amount to your bank account which may result in possible delays, and as a result you will need wait 5 additional days after that posted date before initiating a payment trace with the IRS. Now with a little over 3 months to go until the start of the 2025 tax season we are still seeing delays for those who filed this year as far back as January, and at this point for most of those experiencing delays they are encountering the 570 and 971 codes appearing on their tax transcripts as seen here, now the 570 code represents a hold on the tax return which can be due to a variety of reasons including a random review of the income and withholdings being reported, or a review of certain tax credits being claimed, or even a random selection for ID verification being needed before tax processing can in fact continue, while the 971 code will always represent a notice that the IRS has sent or will be sending out to the tax filer.


0:00 Introduction
0:22 New Refunds
1:03 Refund Delays
2:36 ID Verification
3:44 Wage Verification
4:32 Tax Assistance
5:00 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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