On today’s IRS tax refund update we’re going to take a look at late breaking developments including the latest updates to those transcripts specifically for those with cycle codes ending in 05 as well as the latest refund release date just set by the IRS. With a number of viewers experiencing delays due to the 570 transcript code we are going to recap the top two notices being received by our viewers impacted by this particular problem, and the timeline for a refund release for some of those experiencing this issue. Starting off with the developing news as we have seen the latest update to those tax transcripts taking place specifically for those with tax transcript cycle codes ending in 05 which now have some reporting that the latest refund release date is set for March 13. Now if you are one of many new viewers to the channel who is not familiar with a tax transcript, it is essentially report which represents is a summary of your tax account information which can provide more information than simply checking your refund status results on the IRS website, the transcripts can also indicate if there is a delay with your return such as return hold or refund freeze, now you will need to create an IRS account to access your tax transcripts, and step by step instructions on how to do so can be found on our February 4th video. Moving onto one of the top notices received by those experiencing delays while seeing the 570 and 971 codes on their tax transcripts with different dates which include the CP 05 notice. Now the more concerning notice some viewers who are seeing the 570 and 971 codes on are those receiving is the 12 C letter from the IRS. Now the 12 C letter will ask for certain wage documents such as W-2 forms or 1099 forms to substantiate what you entered on your tax returns, and the likely causes of this request tend to be either the IRS has not received these documents from the issuer such as your employer, they have received them but still have not processed them, or there is a discrepancy between the amounts you are reporting compared to what the employer is reporting which is not allowing the reported amount to be reconciled.
0:00 Introduction
0:29 New Refunds-Transcript Updates
2:01 Accessing Transcripts
2:30 CP05 Notice – 570 Delay
3:23 IRS 12C Letter
4:32 Estimated Refund Date
5:04 Closing
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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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