On today’s IRS tax refund update we will take a look at the latest developments including the next round of tax refunds scheduled for release this week and from there we will recap some of the top causes of those ongoing tax refund delays many of you are experiencing as well as possible solutions as well as what happens if your direct deposit tax refund is sent to the wrong or closed bank account. Starting out with the latest as the next round of tax refunds is scheduled for release on June 26th as confirmed by the tax transcript seen here, now if you are part of this latest refund batch while most will receive that direct deposit refund post to their bank accounts on June 26th do allow up to 5 additional days for it to post to your bank account before initiating a payment trace with the IRS, also as an additional reminder not all refund status results will update so it is important to check your tax transcripts for the most up to date information available in regards to your tax return and refund processing. Moving onto some of the top reasons behind those tax refund delays that have impacted tax filers including many of our viewers over the course of the last several months include the most commonly reported issue is that of an entry error or what the IRS considers a math error, where the tax filer has accidentally entered a wrong amount on a tax return now that is such a common occurrence that just two years ago over 17 million tax returns contained some sort of error that needed additional action by the IRS to be resolved, and it could be something as simple as just 1 single digit being off on the tax return in question. Another problem impacting some who have had their tax refunds released is the direct deposit refund was sent to a closed bank account, or the bank account listed on the tax return was incorrect, and if you are among those impacted by this you are likely to receive a an 841 refund cancelled code on your tax transcript which means the refund in question was returned back to the IRS as not deliverable, and at which point the IRS will mail out to you as a paper check usually within 4 to 6 weeks of receiving it back
0:00 Introduction
0:21 New Refunds
0:55 Tax Delays
2:57 Refund Assistance
3:30 Refund Cancelled
4:17 Closing
This video is under Fair Use: Copyright Disclaimer under Section 107 of the Copyright Act in 1976, Allowance is made for "Fair Use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright status that might otherwise be infringing.
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.
#TaxRefund #IRS #News #Taxes #TaxReturn #Tax #Refund #TaxSeason #youtube #video #new #newvideo #breaking news
