On today’s IRS tax refund update we will take a look at the latest developments as we have seen a massive increase in the amount of unprocessed tax returns in the last week which will take tax processing and ultimately refund delays well into the summer and into the fall so we will recap that as well as the latest batch of tax refunds scheduled for release, and we will check in those tax refund delays under the 570 transcript code and progress on those amended tax returns. Now starting off with the latest as the next round of direct deposit tax refunds is scheduled for release, and if you are part of this latest refund batch do allow up until May 6th for it to post to your bank account before initiating a payment trace with the IRS for a non-received tax refund, meanwhile the IRS has released the latest set of tax processing numbers which now show a significant increase in unprocessed tax returns to now over 3 million, which is up by over 1.5 million returns since our last update. Moving onto those tax refund delays as we continue to hear from a significant amount of viewers impacted by delays with the 570 tax transcript code, there have been several questions about the 570 tax transcript code and why it is showing a future date, now this is because the IRS computer must assign a date to every single code that appears on your tax transcript whether it is a letter or tax credit, and in the case of the 570 code the date that is set is the target date the IRS system has set for completion of the task, now in this case the 570 code indicates a stop on tax processing which requires further action such as an exam by an IRS processor or a documentation request due to a variety of reasons specifically income verification or paperwork for a credit being claimed. It is also important to note that the date is not definite and can change several times particularly as it relates to the issue regarding the return hold. Also, in a majority of cases IRS phone representatives will simply tell those calling in to call back in 30, 60, 90 or 120 days and that they have no further information to provide, as it seems the only instance where a possible resolution can be found is if the hold is due to ID verification.
0:00 Introduction
0:26 New Refunds
0:46 Processing Delays
1:27 Refund Delays
2:52 Amended Returns
3:44 Refund Freeze
4:31 Closing
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