2024 IRS TAX REFUND UPDATE - NEW Refunds Approved, Delays, Tax Processing, Code 570, Refund Freezes

On today’s IRS tax update we will take a look at the latest developments for those still experiencing tax refund delays as we enter yet another month of waiting including the next round of tax refunds scheduled for release, and from there we will recap those still encountering the 570 and 971 codes on their tax transcripts as well as those receiving the 12 C letter from the IRS in addition to those experiencing refund freezes under the 810 refund freeze code. Starting off with the latest as the next round of tax refunds is scheduled for release on June 5th, 6th, and 7th now the next batch of direct deposit tax refunds will be transmitted and released by the IRS on June 5th and 6th and while most will receive the day of do allow 5 additional days for the refund to post to your bank account before initiating a payment trace, meanwhile the next round of paper checks is scheduled to be mailed out on June 7th and while most will receive within 7 to 10 days in this situation you will need to allow up until July 5th for it to arrive before initiating a payment trace for a non-received refund, also as a reminder all refunds at this point from 2023 tax year returns are subject to receive interest as 45 days have passed since the tax filing deadline. Now moving onto those ongoing delays many of our viewers continue to report seeing the either the 570 or 971 tax transcript codes or a combination of the codes, and if you see both of these codes with the same date that means the IRS has auto corrected or resolved any potential issue or reviewed the tax return in question, and that any refund due to the tax filer will be cleared for processing in the next several weeks, if the codes appear with separate dates it means the IRS is continuing to work on the issue or review the tax return, and that a notice has been sent out to you which should arrive in the mail by the date listed next to the 971 code. Now as we have stated previously the 570 code could appear on your tax transcript for a variety of reasons including the IRS computer system detected a potential issue with the tax return, or it has been set aside for further examination or review including wage verification.


0:00 Introduction
0:28 New Refunds
1:17 Tax Delays – 570 Code
2:42 IRS 12C Letter
3:27 Refund Freeze
3:54 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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