On today’s IRS tax refund update we will recap the latest developments as millions continue to wait for the processing of their tax returns and issuing of tax refunds. We will also identify the 5 top reasons on what is delaying those tax refunds being sent out, and some issues encountered by taxpayers including those 570 and 971 tax transcript codes, and the options available for assistance especially for those who have been experiencing delays. Recapping where things currently stand as the IRS has processed 98% of tax returns filed this year. However, if you’re still waiting on your refund, you’re among the over 2.4 million still waiting on your tax return to be processed, and if you’re still waiting on last year’s tax refund, you’re among the estimated 1.4 million who has not had their return processed. For those waiting on Amended Returns, that total is nearly 1 million unprocessed returns and that is a combined total of this year and last years. Unprocessed employer returns are at 347,000 however unprocessed amended employer returns is at 1 million, and why this number is important for many of you is that the IRS needs to process your employer’s tax returns so they can match the total wages you reported on your tax returns vs what the employer reported to identify any discrepancies. If you have received a 60-day notice from the IRS, you’re among this likely impacted group. Now moving onto the top 5 reasons on what is causing those refund delays for many of you starting off with your tax return is under audit. This particularly applies to those claiming the earned income tax credit as well as child tax credit now it is impacting those of you who filed for the first time, but also for those of you who have been claiming these credits for many years and even some of you who have had to provide documentation in regards to your dependents in the past.


0:00 Introduction
0:23 Tax Processing
1:16 Refund Delays – Credits
1:55 Refund Delays- Employer
2:36 Refund Delays- ID Verification
3:03 Refund Delays- Paper Returns
3:30 Refund Delays- Unprocessed
3:53 Tax Transcripts
4:19 Tax Assistance
4:47 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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