IRS Tax Refund Update continuing to monitor the latest with those refund delays the IRS has released the latest batch of tax refunds so we will recap that. Meanwhile with the increase of taxpayers reporting they are finally receiving those tax refunds comes additional reports from some indicating reduced refunds in some cases significant amounts so we will recap the key reasons why some will in fact see a reduced refund. We will also check in on the progress of those still waiting on amended returns and outstanding unemployment tax refunds. Starting off with the latest news that the next batch of tax refunds has been transmitted by the IRS to banks nationwide who are part of the July 20th batch. Among those in the group include E-filers from January, February and March and paper filers from January and February. Taxpayers who have accounts with Bank of America, Citi Bank, Credit Karma, and Chime have reported receiving those direct deposits in their accounts. Now with the increased reports of those finally receiving their refunds comes those who are indicating their expected refund amounts have been adjusted. If you are among the impacted group, you will see similar notifications when checking your refund status results as well as an eventual letter from the IRS indicating the exact reason behind the reduced refund. The common reasons for those adjusted refunds this year include taxpayers who did not properly enter the correct amount of advanced child tax credit payments received in 2021 when filing their tax returns, those claiming the recovery rebate credit when the IRS already shows they in fact already received that third stimulus payment, and taxpayers who have other past due debts such as child support, another federal agency debt or past due state income tax debt. Now one of the ongoing tax issues this year continues to be those still waiting on their amended tax returns to be processed and refunds issued. The good news appears that 2021 amended returns are being processed at a much faster rate than those from 2020 where wait times exceeded 1 year. We continue to see significant progress on amended returns in the month of July with average wait times currently running at 4-5 months.


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