In today's IRS tax update, we'll delve into the latest developments during what is anticipated to be one of the busiest weeks of the tax season, post the official end of refund holds under the Path Act and with a surge in daily tax filings. There's a rising number of reports from viewers encountering codes 570 and 971 on their tax transcripts, prompting us to analyze the primary causes and the potential letters those affected might receive 2024 irs tax refund update New Refunds Approved, Delays, Errors, Processing, Transcript Code 570 !. Additionally, we'll address the concerns of those who haven't seen any tax updates and explain why it doesn't necessarily indicate a problem with their returns. Notably, a significant number of viewers are experiencing the appearance of the 570 and 971 codes on their tax transcripts since the last comprehensive update. If you find yourself in this situation, you likely fall into one of three scenarios, each of which we will outline. Under one scenario, some may receive letters, such as the CP 05 series, which requests proof of reported income and tax withholdings. This often involves providing copies of paystubs and W-2 forms from employers. The CP12 notice may be sent in cases where an error, usually a miscalculation, was identified and adjusted by the IRS. If you agree with the changes, no further action is needed, and you can expect the adjusted refund within 4 to 6 weeks. If you disagree, you have the option to appeal within 30 days. Stay informed for more updates on these tax-related scenarios.

0:00 Introduction
1:14 Tax Processing
1:51 Tax Transcripts 570-971
2:24 IRS Notices
2:35 CP12 Notice
2:54 Tax Transcripts Part II
3:27 Tax Transcripts Part III
3:56 Conclusion

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Disclaimer: The information presented is solely for informational purposes and is subject to change. The material provided should not be construed as tax, accounting, or legal advice. For personalized guidance on tax matters, it is recommended to consult with a certified tax consultant.
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