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| Name | 2024 IRS TAX REFUND UPDATE - NEW Refunds Approved, Processing Delays, Action Required, Transcripts |
| Video Uploader | Video From UI Vlogs 2021 |
| Upload Date | This Video Uploaded At 13-05-2024 12:10:00 |
| Video Discription | On today’s IRS tax refund update we will take a look at the latest developments as those tax refund delays continue on for millions including the release date for the next batches of tax refunds this week as well as the latest backlog numbers just released by the IRS, meanwhile we will recap some of those delay causes including those encountering the action required message when checking on their refund status results and the two issues it could mean as well as the next tax transcript update. Starting off with the latest as the next round of direct deposit tax refunds are scheduled to be released and transmitted on May 15th, and the next batch of paper checks scheduled to be mailed out on May 17th, now if your part of the latest direct deposit refund batch while most will receive it the day of do allow up until May 20th for it to post to your bank account, and if you are expecting to receive a paper check as part of the latest batch while most will receive within 7 to 10 days, you must wait until June 14th for it to arrive in the mail before initiating a payment trace. Meanwhile the IRS has released it’s latest set of tax processing numbers which show over 2.8 million tax returns currently remain unprocessed, now while we did see a reduction of around 140,000 tax returns since our latest update these numbers currently remain significantly high and at this current pace it would still take the IRS until October to clear out this backlog, it should also be noted the IRS has still not confirmed whether this number also includes amended returns, however based on previous years it appears it does not. Moving onto those refund delays as a number of viewers are still reporting encountering the action required message when checking on their refund status results, and there are 2 scenarios one will fall under if encountering such a message. The first scenario based off the image seen here is that the return is likely on hold after either the IRS has identified a potential issue or it has been selected for random review, and the key indicator for that is in the text below the yellow box it reads if you do not respond to the IRS request your refund amount could change. Now you will never see such a message if this was an indicator for ID verification as the IRS would not reduce your refund, they simply will keep it on hold until you verify. 0:00 Introduction 0:25 New Refunds 1:32 Refund Delays - Review 2:58 Refund Delays – ID Verification 4:17 Tax Transcripts 4:45 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 |
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