2025 IRS TAX REFUND UPDATE - NEW Refunds Approved, Delays, Processing, Tax Transcripts, IRS Notices
On today’s IRS Tax refund update we will take a look at the latest developments this tax season starting with the latest batches of tax refunds scheduled for release, and from there we will take a look at some of the top issues impacting tax filers still waiting on their tax refunds including encountering the 570 and 971 codes on their tax transcripts as well as the action required message when checking the status of their tax refunds and what that may mean for you and several of the top notices being sent out by the IRS this tax season. Now starting off with the latest as the next rounds of tax refunds are scheduled for release on March 19th and 21st as confirmed by the refund status results and tax transcripts seen here and if you are part of these latest refund batches and have chosen to receive that refund via direct deposit you should see that refund post to your bank account by that refund date and in some cases possibly before depending on your bank but do allow 5 additional days after the refund date for it to post to your bank account before initiating a payment trace with the IRS meanwhile those who are receiving paper checks should receive it in the mail within 7 to 10 days of that refund date. Many viewers impacted by delays also continue to report seeing the 570 and 971 codes on the their tax transcripts as seen here, now the 570 represents a potential issue with your tax return requiring additional action by the IRS while the 971 code represents a letter the IRS will be sending out and it is important to note the dates next to these two codes and if these two codes have the same date that means the IRS has corrected the issue and the refund will in fact be released with no further action necessary however if you see the codes with two different dates like seen in this tax transcript that means the issue remains unresolved and to wait for that letter to arrive which will either explain the IRS needs additional time processing your return or they will request specific documentation for tax processing to continue. Now as more tax refunds are being released weekly come reports of viewers who accidentally put the wrong bank account information on their tax returns when selecting to receive that refund via direct deposit and if your impacted by this do note once your return has been accepted you cannot go back and change your banking information and must wait for the IRS to send that direct deposit out. 0:00 Introduction 0:31 New Tax Refunds 1:10 Tax Transcript Codes 1:58 Action Required 2:50 IRS Notices 4:02 Returned Tax Refunds 4:39 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
