On today’s IRS Tax Refund Update we will recap the latest with those ongoing tax refund delays including the remaining backlog of unprocessed tax returns. We also have the newest release dates for the next round of direct deposit and paper check tax refunds so we will take a look at that, and a new update on the ongoing situation impacting many E-filers who have had their refunds sent out by the IRS but are now seeing them sent back to the IRS. We will also recap the top reasons why many of you continue to experience delays with your refunds. Briefly recapping where things remain with those unprocessed tax returns and refunds as of this recording there are still 2.8 million unprocessed returns remaining this is a combination of E-file and paper returns filed this year and last year. There are over 1 million unprocessed Amended Returns, with another 71,000 unprocessed employer tax returns and 390,000 unprocessed amended employer returns. Employer Returns are important because the IRS needs those to match what you reported as income vs. what they did for accuracy. Your tax return could be on hold because the IRS needs to verify your employers wage information. As those Tax refund delays continue on it really is important to identify the issues behind the delays. For those of you who E-filed your tax return before the tax filing deadline in Mid-April and are still waiting your return is likely not delayed due to normal processing issues which is the case with those of you who filed paper returns, but rather one of the following issues. If you claimed one of the following credits such as EITC, or CTC or the Fuel tax Credit it is very likely the cause of your delay which puts the return under audit. Another cause for your delay could be the IRS has not processed your employers wage information and as we mentioned earlier the IRS needs to match the wages you reported on your return vs what your employer stated they paid you. If your impacted by this you are more than likely to receive a 60-day notice from the IRS, and another main reason would be the need to complete ID verification.


0:00 Introduction
0:28 Tax Processing
0:55 Tax Refunds
1:22 Tax Refund Issues
2:52 Tax Refund Reviews
4:44 Closing


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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