2024 IRS TAX REFUND UPDATE - NEW Refunds, 2025 Tax Season, Rejected Tax Returns, Transcripts, Audits

On today’s IRS tax refund update with less than 8 weeks to go until the start of the 2025 tax season we will take a look at some key items ahead of the upcoming tax season including potential problems you could face when filing your tax returns next year as well as some top codes that may appear on your tax transcript and what that may mean to you and your tax refund, and from there we will recap those still waiting on this year’s tax refunds and those who have been experiencing delays as far back January. Now starting off with the latest as the next round of tax refunds are scheduled for release on December 11th and 13th as confirmed by the tax transcripts seen here, now if you are part of the latest refund batches and have opted to receive that refund via direct deposit most will receive that refund in their bank accounts by the refund date however depending on your bank you will need to wait up to 5 additional business days to post to your bank account before initiating a payment trace with the IRS, meanwhile if you are expecting to receive a paper check you should have that within 5-7 days of the refund date but in your case you will need to allow up to 30 days to receive it in the mail before initiating a payment trace. Now many are preparing to file their tax returns as early as next month one of the problems a number of our viewers have encountered in previous years is having their tax returns rejected by the IRS when filing online and encountering some of the messages as seen here, and in a number of cases the tax return rejection is due to a very simple problem that can easily be corrected such as an incorrect social security number was entered, as well as the wrong information for a dependent being claimed such as a name or social security number does not match, however other causes for a rejected tax return could be that an identification protection PIN is required and is missing which usually impacts those who have been victim of tax identity theft in the past, and another cause for rejection is someone else has claimed the dependent you are trying to claim on your tax return.


0:00 Introduction
0:29 New Refunds
1:10 Rejected Tax Returns
1:59 Tax Transcripts
3:27 Transcript Codes
4:16 Cycle Code
4:47 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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