2024 IRS TAX REFUND UPDATE - NEW Refunds Processed, Delays, Notices, Refund Freezes, Issues

On today’s IRS tax refund update we will take a look at the latest developments including the next batch of tax refunds scheduled for release, and from there we recap those notices currently being sent out by the IRS as reported by a number of our viewers as well as those tax topic codes appearing on those refund status results and 810 refund freeze codes appearing on some of those tax transcripts. Starting out with the latest as the next round of tax refunds is scheduled for release on June 26th, now if you are part of this latest refund batch while most will receive that direct deposit refund post to their bank accounts on June 26th do allow up to 5 additional days for it to post to your bank account before initiating a payment trace with the IRS, also as an additional reminder not all refund status results will update so it is important to check your tax transcripts for the most up to date information available in regards to your tax return and refund processing. Meanwhile we have also been receiving multiple questions as it pertains to notices being sent out to the IRS, and what they mean, now the CP 05 notice seen on the far left has been one of the most commonly receive notices this year, and simply means the IRS is reviewing your tax return specifically as it relates to the income and tax withholding you reported, but it also could be in regards to the tax credits you are claiming, in this case there is no further action necessary and often times the IRS is indicating they need additional time to conduct a review as something reported on your tax return may have triggered the IRS computer system. For those viewers encountering the 810 refund freeze code on their tax transcripts seen here this could be due a variety of reasons that will not be explained on your tax transcript and the list of causes includes something as simple as the need to complete ID verification, examination of the tax credits being claimed or self-employment income being reported in addition to verification of income, or the return being flagged by the tax shelter deduction team or frivolous return program.


0:00 Introduction
0:22 New Tax Refunds
0:56 IRS Notices
3:00 Tax Topic Code
3:30 Refund Freeze Code
3:57 Tax Issues
5:10 Closing


This video is under Fair Use: Copyright Disclaimer under Section 107 of the Copyright Act in 1976, Allowance is made for "Fair Use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright status that might otherwise be infringing.

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.



#TaxRefund #IRS #News #Taxes #TaxReturn #Tax #Refund #TaxSeason #youtube #video #new #newvideo #breaking news