2024 IRS TAX REFUND UPDATE - NEW Refunds Processed, Tax Delays, Notices, Transcripts, Refund Freeze

On today’s IRS tax refund update we will take a look at the latest developments with those ongoing tax refund delays including the newest set of letters being sent out by the IRS and from there we will recap the top causes of those tax refund delays still impacting taxpayers even now more than three months after the tax filing deadline has officially passed, and what options to consider for those still seeking assistance with their ongoing tax issues. Starting off with the latest as we have seen an increase of reports in the last week of viewers receiving this notice which is also known as IRS letter 26 44 C or the 60 day notice informing the tax filer that the IRS is waiting on their tax account information to be available on their computer system, now the primary cause of this notice continues to be that the IRS has still not processed the wage information they received from your employer which is needed to compare to your tax return for accuracy, and this is a problem that became quite common last year which led to months of additional delays for some tax filers. Now it is important to note you could be impacted by this even though employees from the same company are not and it also brings up a possibility that your wages were entered under the wrong social security number which is known to impact thousands of taxpayers each year due to the fact the employer has accidentally entered the wrong social security number on file most commonly as a result of a data entry error, if you do receive this letter do contact the IRS as a number of tax filers impacted by this issue have been able to submit a copy of their tax forms in particular a W 2 form so that tax processing can in fact continue, and your refund is ultimately released. At this point for those still experiencing delays they are likely to encounter the 570 tax transcript code as seen here which is an indication of a stop has been placed on the refund until further action is taken which can include an exam by an IRS tax examiner, or needed documentation to be submitted from the tax filer, or even the need to complete ID verification, it is important to note while the IRS should send out a letter detailing the causes of delays as we have seen in previous years that does not always prove to be the case which leads many tax filers in the dark on the root cause of their specific tax issue, and while a tax examination needed often times means the tax filer must wait it out, many documentation requests and need to complete ID verification can in fact be done online and in a matter of minutes.


0:00 Introduction
0:26 Tax Refund Delays
1:38 Tax Notices
2:08 Tax Transcripts
2:55 Refund Freeze
3:26 Tax Assistance
4:42 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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