2024 IRS TAX REFUND UPDATE - NEW Refund Approved, Adjusted Tax Refunds, Delays, Transcripts

On today’s IRS tax refund update we will recap the latest developments including those ongoing tax refund delays still impacting many of you as well as the next round of tax refunds scheduled for release this week, and from there we will check in on those who have been getting assistance in regards to those tax refunds and one of the key reasons that has been leading to delays this year and the paperwork you may want to have ready if in fact your one of those impacted. Starting off with the latest as the next round of tax refunds is scheduled for release on June 12th and June 14. Now taking a look at the tax transcript from one of our viewers who is receiving that tax refund on June 14th, they actually ended up filing their tax return in early February now in this particular situation the viewer not only had to verify their ID but there tax return was also subject to random wage and tax withholding verification as confirmed by the 570 tax transcript code seen here after which a 60 day notice from the IRS was sent out notifying them of the review and that no further action was necessary, and eventually the 570 code was reversed by the 571 code which appeared on the same day as the 846 refund issue code and the 776 refund interest code, it is also important to note this was one of many viewers who reached out to their congressional representative for assistance and was able to see that refund released within 30 days from when they requested assistance. Many of our viewers experiencing delays are encountering the 571 and 971 codes on their tax transcripts as seen here as well as possibly receiving various letters from the IRS such as the CP 05 notice like seen here informing the taxpayer that they are reviewing the tax return, and need an additional 60 days, it is also important to note that those impacted by this may receive more than one notice as they continue to wait on that tax refund.


0:00 Introduction
0:24 New Tax Refunds
1:45 Tax Assistance
2:29 Tax Delays
4:13 Adjusted Refunds
4:51 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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