2024 IRS TAX REFUND UPDATE - New Refunds Released, Path Act, ID Verification Delays, Transcripts
On todays IRS tax refund update we will take a look at the latest developments including the next batches of tax refunds scheduled for release by the IRS. We will also check in on the latest with refunds on hold due to the Path act, as well as refund delays due to the need to complete ID verification. From there we will recap those who are still seeing no updates to their tax transcripts or refund status results and take a look at the latest update from the IRS on how tax processing is going so far this year. Now starting off with developing news as the next batches of direct deposit tax refunds are scheduled to be transmitted and released by the IRS on both February 13th and February 14th as confirmed by the refund status results seen here. Now if you are part of either refund batch do allow up to 5 days for that refund to post to your bank account before initiating a payment trace with the IRS. Moving onto those tax refund delays as a growing number of viewers claiming the earned income tax credit or additional child tax credit who have their refunds on hold due to the path act are beginning to see updates to their tax transcripts, and refund status results. Now the transcript provided by a viewer claiming the earned income tax credit who filed their taxes back on February 7th with a cycle code ending in 04 reflects the EIC claim with the 768 transcript code indicated, as well as the 766 credit to account code. However, we also continue to get conflicting reports on the identity verification process as some viewers are indicating they are still unable to begin the process until they receive that letter from the IRS in the mail because they are encountering the screen seen here asking them to verify their letter which prevents them from proceeding any further. Meanwhile other viewers are indicating they have been successfully able to complete ID verification without any notice from the IRS. There also has been discussion that some of those encountering the ID verification request are experiencing a glitch with the IRS computer system, however as of this recording the IRS has not confirmed this, and we will wait for more official reports.
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.
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2024 IRS TAX REFUND UPDATE - NEW Refund Delays, Tax Topic 152, ID Verification, Rejected Tax Returns
On todays IRS tax refund update we will take a look at the latest developments this tax season as tax processing continues, including those who are encountering tax topic 152 when checking the status of their refund results, and from there we will check in on more reported cases of refund delays from either ID verification being requested, or the IRS indicating further action is required that could result in a refund change. We will also recap those who are having their e-file tax returns rejected by the IRS when filing, and those who are encountering IRS error code 8028 when attempting to access their online accounts. Now starting off with the latest as the IRS begins another week of tax processing with many viewers indicating, they are encountering one of the messages seen here when checking Where’s my refund status results on the IRS website. Tax filers are reporting they are receiving the message that the IRS has received the tax return, and it is being processed which later changes to simply the tax return is being processed. Now in both of these cases the messages being seen are normal and there is no cause for concern. Meanwhile some viewers are reporting seeing Tax Topic 152, while others do not and again both scenarios are normal at this point and do not indicate any issue. A common problem we have reported over the last two years is those encountering IRS error code 8028 when attempting to log in to their IRS account as seen here. Now the IRS has yet to explain the cause of this error, however based on feedback it is as a result of an IRS account being locked and restricted.
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
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February 10, 2024
On todays IRS Tax Update we will take a look at the latest developments this tax season including the next batch of tax refunds scheduled for release by the IRS, from there we will take a look at those refund delays due to the Path act impacting many of our viewers and potential refund release dates along with new developments for those needing to complete ID verification, and why the wait to receive that ID verification notice in the mail maybe longer than originally anticipated. Now with IRS tax processing ongoing the next batch of direct deposit tax refunds has been released and will reach bank accounts by February 12th as confirmed by the refund status results seen here. Do note that where’s my refund status results may not always display the most up to date information even after a refund has been released by the IRS, so make you review your tax transcript to confirm your refund has in fact been released by locating the 846 code on your transcript. For those who are part of the February 7th batch, and do not receive that refund by February 12th in their bank accounts do contact the IRS to initiate a payment trace or fill out IRS form 3911, as well as confirming if the right bank account information is listed on your tax return. Now as of this recording no viewer who is expecting that ID verification notice has in fact received it, and at this point IRS phone representatives have been informing callers that it may take up to 8 weeks from the start of the tax season on January 29th to receive the letter in the mail. It also is being reported that IRS representatives have not confirmed to any viewer that the letter was already sent out at this time. As a reminder to confirm a notice has been sent, please check your tax transcripts and locate the 971 code with a recent date next to it. Also based on current IRS time frames allow up to 9 weeks after successfully completing ID verification to receive that tax refund.
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
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2024 IRS TAX REFUND UPDATE - NEW Refund Delays, Tax Topic 152, ID Verification, Rejected Tax Returns
On todays IRS tax refund update we will take a look at the latest developments this tax season as tax processing continues, including those who are encountering tax topic 152 when checking the status of their refund results, and from there we will check in on more reported cases of refund delays from either ID verification being requested, or the IRS indicating further action is required that could result in a refund change. We will also recap those who are having their e-file tax returns rejected by the IRS when filing, and those who are encountering IRS error code 8028 when attempting to access their online accounts. Now starting off with the latest as the IRS begins another week of tax processing with many viewers indicating, they are encountering one of the messages seen here when checking Where’s my refund status results on the IRS website. Tax filers are reporting they are receiving the message that the IRS has received the tax return, and it is being processed which later changes to simply the tax return is being processed. Now in both of these cases the messages being seen are normal and there is no cause for concern. Meanwhile some viewers are reporting seeing Tax Topic 152, while others do not and again both scenarios are normal at this point and do not indicate any issue. A common problem we have reported over the last two years is those encountering IRS error code 8028 when attempting to log in to their IRS account as seen here. Now the IRS has yet to explain the cause of this error, however based on feedback it is as a result of an IRS account being locked and restricted.
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
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IRS TAX UPDATE - HOW TO ACCESS TAX TRANSCRIPTS, TOP TRANSCRIPT CODES, INSTRUCTIONS
On today’s IRS Tax Refund update we’re going to take a look at how to exactly access those IRS tax transcripts which can provide you with more information on your tax refund status then simply checking Where’s my refund status results on the IRS website. From there we break down and decipher what to look for on that tax transcript as well as some of the most frequent codes to appear, and transcript codes that represent there is an issue with your tax return and ultimately tax refund. The first tax transcript code that represents an issue is the 570 code as shown here which indicates additional account action pending, now this means there is a hold on your account preventing the IRS to process. If you encounter this code you are likely to fall into 1 of 2 categories, the first is seeing the 570 and 971 codes with the same date which means the IRS has automatically corrected the issue discovered with your tax return such as a math error, and has cleared your refund for release, or if the two codes have separate dates within a short period of time from each other like seen on this image to the right, it means there is still an issue and that the IRS is sending you out a notice. Now the notice in question could simply state the IRS needs more time to process or it may be a request for specific information they need to continue the processing of your tax return. If you have not received your refund within 7 to 10 days of the date listed next to the 846 code for a direct deposit refund, check your tax transcripts once again and if you see this code the 841 refund cancelled code that means the refund in question was sent to a closed bank account or an invalid bank account often times because the wrong account number was entered on the return. If this is the case the IRS will issue out a paper check within 4 to 6 weeks of receiving it back as rejected along with sending out the CP 53 notice as seen here. The IRS will not resend the direct deposit a second time nor will they send it to another bank account even if you inquire.
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2024 IRS TAX REFUND UPDATE - NEW Tax Refunds Issued, Delays, Path Act, ID Verification, Transcripts
On today’s IRS Tax Refund Update as the IRS wraps up the first official week of the tax season, we are going to take a look at the latest including new developments for those encountering refund delays due to the need to complete ID verification. We also have reports from viewers who are now showing their tax returns have been approved and are now seeing a direct deposit refund date so we will check in on that, as well as new reports coming in from taxpayers seeing the first updates to their tax transcripts this season, and from there further developments on the child tax credit increase proposal currently in congress. Now the next batch of direct deposit tax refunds is scheduled to be released and transmitted by the IRS on February 5th as confirmed by the refund status results seen here. Now while most of those direct deposit refunds will reach bank accounts on the 5th if not before, do allow up until February 10th to receive that deposit in your account before contacting the IRS to initiate a payment trace if you have not received that refund. So far, we are continuing to see simple tax returns from those early filers being processed first, and as a reminder no refunds from tax returns claiming the Earned Income Tax Credit or Advanced Child Tax Credit are being released at this time due to the path act. However, based on IRS time frames the February 19th date is likely going to be the first date in which tax refunds on hold due to the Path act will be cleared to be released to taxpayers. It is also important to note that with February 19th being President’s Day and a federal holiday means there will be no bank processing that day, so as a result we could start to see direct deposit refunds for those claiming either the earned income tax credit or child tax credit start reaching bank accounts on Wednesday, February 21st.
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2024 IRS TAX REFUND UPDATE - IMPORTANT REFUND DELAYS! Tax Processing, Path Act, ID Verification
On today’s IRS Tax Update with tax processing currently underway we are going to recap the latest developments this tax season including the first round of tax refunds scheduled for release as well as the first set of issues tax filers are encountering after filing there returns. We will also take a look at why some early filers are reporting no updates to their tax transcripts and from there recap the new IRS free e file system, and why some who were planning to use the new platform may have to consider other options. Now with tax processing currently underway at IRS processing centers, so far there are still no technical issues to report, and processing is ongoing. A majority of those who currently have their tax returns processed will also see tax topic 152 appear, and that is perfectly normal to be seeing and is no cause for concern. Tax Topic 152 is a normal tax processing code, and just means your tax return is currently in the IRS computer system undergoing processing. However, for those of you who see Tax topic 151, that indicates the IRS has discovered an issue with your tax return most likely resulting in a tax refund adjustment and possible delay. Meanwhile we are receiving questions from early filers who are encountering the messages seen here when checking their refund status results that their tax refund cannot be issued until Mid-February. Now if you are claiming either the Earned Income Tax Credit or Advanced Child Tax Credit this is a normal message to see, and one you should expect if you are claiming either one of those credits. As a reminder due to federal law which is more commonly referred to as the Path act any tax refund from a return claiming EITC or ACTC cannot be released before mid-February as it allows additional time for the IRS to review the tax return and specifically verify the taxpayer qualifies for the credit.
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