2022 IRS TAX REFUND UPDATE - New Refunds Approved, Refund Freezes, Delays, Transcript Codes

Описание: On today’s IRS tax refund update as we continue to monitor those ongoing tax refund delays, we will check in on the current tax return backlog based off the latest numbers coming out of the IRS. Meanwhile the next round of both Direct deposit and paper refund checks are scheduled for release this week so we will take a look at that as well. Also, in the past week we have seen a increase of reports relating to Refund freezes so we will recap that as well as the two scenarios you may fall under if you are seeing 970 and 571 codes on your tax transcripts. Now starting off with the latest update from the IRS and we once again saw another decrease of the backlog to 4.2 million unprocessed tax returns now that was at 4.4 million from the week before and the progress in this batch came from paper returns which saw a reduction of 200,000 to now 2.3 million remaining. Now unfortunately we did not see any significant movement this week when it came to the processing of e-file returns and those requiring additional corrections and review. Based off the current processing trends those paper returns are still scheduled to be completed by the end of December, however we are expecting processing of all e-file returns not to be completed until Mid-January as of this point. However, the question also remains if these numbers are in fact accurate or if the IRS is underreporting the backlog which was the case earlier this year which if so, will put a significant amount of the backlog into next tax season. Now onto Amended Returns which saw another decrease of 100,000 to now 1 million unprocessed returns. As we have previously reported, amended returns are being processed at a much slower rate than E-file and paper returns. Based on the current trends all amended returns should be processed by the second week of January.


0:00 Introduction
0:28 Unprocessed Update
1:18 Amended Returns
1:34 Tax Refund Batch
1:55 Refund Freezes
2:21 Covid Sick Credits
3:02 Transcript Codes
3:24 Tax Preparers
3:50 Closing



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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