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.