Скачать или смотреть 2022 IRS TAX REFUND UPDATE - Refunds, IRS Notices, How to Access Tax Transcripts, Transcript Codes

On today’s IRS tax refund update were going to recap the latest with the ongoing delays many continue to experience in regards to the processing of their tax returns. Now taking a look at some of those notices’ viewers have reported receiving in the mail in recent weeks include the 60-day notice as seen here which many of you have been indicating you have received multiple over this past year. Among the largest group receiving this notice are ones who are still waiting on the IRS to process their employers wage information, we are expecting these to continue to be sent out as these delays continue. Another notice which has been extremely important this year and a letter that many people never ended up receiving when they should have has been the 5071C letter as seen here notifying the impacted taxpayer they need to complete ID verification in order for the continued processing of their tax return. The need to complete ID verification was the main reason why many of our viewers experienced delays and it was only after speaking to the IRS or taxpayer advocate, they were even made aware this was the cause of their delay.
Now a number of you are seeing those 570 and 971 codes appear on your most recent tax transcript. Now the 570 code indicates your tax return is under additional review and that could be as a result of the IRS still needing to verify wage information or assess another potential issue with your return. While 971 represents a letter to be sent out about the problem. If you see 971 and 570 with the same date that means the issue has been resolved by the IRS. If you see different dates, then the IRS needs additional time. Now some other codes taxpayers are seeing is the 420 and 424 transcript codes. Code 424 means further examination is required of your tax return while the 420 code indicates you are under audit. There could be a variety of reasons why this is happening including a discrepancy with reported income or a credit you have claimed on your return. In some cases, you will be requested to submit documentation in order to resolve the audit.



0:00 Introduction
0:28 (60) Day Letter 2644C
0:51 ID Verification 5071C
1:18 (570) and (971) Transcript Codes
1:47 Audit Codes
2:14 Accessing Tax Transcripts
3:58 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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