On today’s IRS Tax refund update we will take a look at the latest developments this tax season including the newest round of refund release dates set by the IRS, as well as the latest tax processing numbers, from there we will check in with those ongoing refund delays including five different letters from the IRS that are being received by our viewers still experiencing delays including what they mean, and finally we will take a look at why you should not rely on the estimated refund date posted by your online tax preparer. Starting off with the latest developments as the next round of direct deposit tax refunds is scheduled to be released and transmitted to banks on March 27th, now if you are part of this latest refund batch do allow up until April 1st for that deposit to post your bank account before initiating a payment trace. Meanwhile for those viewers who are expecting to receive a paper check the next round of those are scheduled to be mailed out on March 29th, now while most will receive within seven to ten days you must wait until April 26th for it to arrive in the mail before initiating a payment trace with the IRS. Meanwhile the IRS has released its latest tax processing numbers and currently reports having processed 70.5 million tax returns out of 71.5 million returns that have been filed while maintaining a 98% processing rate, however since our last update the total amount of unprocessed tax returns has actually increased to now over 1 million. So to those still experiencing delays while you are only among a small percentage who have not seen their returns processed yet, you still make up a significant number of tax filers experiencing issues, however the vast majority of tax filers are still having their returns processed and refunds issued within the first 21 days since filing. Also to address comments made in the comment sections of several of our last videos about interest on late tax refunds it is important to note interest will be applied to refunds starting 45 days after the tax filing season officially ends. There has been some confusion that interest starts to apply to refunds after 45 days since filing, and that is not correct. Interest will start to apply to any unprocessed refunds beginning in the last week of May, and until the refund is sent to the tax filer.
0:00 Introduction
0:27 New Refunds
2:14 Code 570 Delay – 12C Letter
4:10 ID Verification
5:24 IRS Notices
6:11 Estimated Tax Refund Date
6:45 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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