On today’s IRS tax refund update we will recap the latest developments including the next round of tax refunds scheduled this week, meanwhile we are getting reports that a number of tax filers who e filed their returns this year and paid any balance owed are now receiving balance due letters so we will take a look at what the IRS is now saying about this problem and from there take a look at those ongoing delays and the different scenarios those seeing the 570 and or 971 codes on their tax transcripts. Starting off with the latest as the next batch of tax refunds is scheduled to be released and transmitted by the IRS on June 20th. Meanwhile we have been hearing from a number of viewers who filed their taxes this year and who paid any balance owed to the IRS that they are receiving the CP 14 notice from the IRS indicating they still owe the balance in question, now in the last week this has become a big enough problem that the IRS has in fact addressed it and confirmed these letters were sent out in error in a number of instances where the letter was sent out before the payment was in fact processed. There are also instances where there may have been an error discovered on the tax return after the payment was processed which may result in a different balance owed to the IRS, now for those who paid their tax balance in file and on time and still received this notice should not do anything at this time, and that any penalties and interest will be automatically adjusted when the payments are applied correctly by the IRS, and for those who only paid part of the balance owed should follow the instructions they received on the CP 14 notice. Moving onto those ongoing tax refund delays as many still experiencing them are reporting seeing a combination of the 570 and 971 on their tax transcripts, and there are several different scenarios those who are seeing the 570 tax transcript code will fall under.
0:00 Introduction
0:29 New Refunds
1:02 New IRS Issue
1:56 Tax Refund Delays – Part 1
2:41 Tax Refund Delays – Part 2
3:18 Tax Refund Delays – Part 3
3:49 Refund Help
4:23 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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