Скачать или смотреть 2022 IRS TAX REFUND UPDATE – Refund Deposits, Refund Delay Causes, Tax Transcript Codes

IRS Refund Update continuing to monitor the latest developments this tax season including the next batch of tax refunds scheduled to be released, we are going to recap on several issues that are leading to tax refund delays for many including those early filers who were claiming the earned income tax credit and or child tax credits and a summary of those tax transcript codes many are reporting seeing. As many taxpayers continue to experience delays, we have been identifying a variety of issues that are causing those refund delays a number of which are centered around those tax returns claiming the earned income tax credit and or child tax credits. Now we have seen an increase in reports of taxpayers receiving this letter the CP75 audit letter requesting documentation pertaining to dependents. However, the problem around this that has emerged is not everyone who needs to submit this dependent documentation is in fact receiving this letter which is leaving a number of taxpayers in the dark on the status of their refunds. One way to know if you’re among this impacted group is if you see code 420 on your tax transcript and claimed EITC or CTC. Now another underreported issue causing refund delays for some taxpayers are those who had 1099-G income for 2021 most of which stems from Unemployment benefits. Several taxpayers who reached out to us reported that after speaking to a tax advocate they confirmed the issue was a result of the IRS not receiving 1099G yet from the taxpayer’s home state. If you are experiencing extended delays and had filed with 1099G income do keep this in mind as some states reported delays in the issuing of their 1099 forms this year and continue to send those into the IRS for processing. And finally, here is a key guide to some of those tax transcript codes you have been asking about. Now Code 152 is the normal processing code all tax transcripts will see once the return has been accepted by the IRS, meanwhile code 151 signals an additional review, and code 203 signals a refund adjustment. Meanwhile Code 424 signals an audit, while 810 indicates an error and refund freeze while code 971 indicates a hold and may take additional time beyond 21 days and 846 signaling that refund being issued.


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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