On today’s IRS tax refund update we will take a look at the latest developments including the release date for the next batch of tax refunds scheduled for release by the IRS. Meanwhile we are continuing to hear from viewers who are experiencing delays in receiving their tax refunds while encountering the 570 and 971 transcript codes so we will take a look at several different scenarios those impacted by this problem maybe facing and what could be expected. Starting out with the latest news as the next batch of direct deposit tax refunds is scheduled for release on March 19th as confirmed by the tax transcript seen here submitted by a viewer whose tax transcript cycle code ends in 04, now if you’re part of this latest batch while most will receive the day of if not before please allow up until March 25th to post to your bank account before initiating a payment trace with the IRS. Also we are beginning to receive reports from viewers whose transcript cycle code ends in 05 that they are also seeing updates to their transcripts either with the 846 refund code, the 971 code that follows the 570 code or even the first data to post to the transcript since filing. For those that see a transcript update please allow 24 to 48 hours to see an update to your refund status results as both systems update separately. However there could be instances that after your next transcript update you will see the 571 code that reverses the 570 code along with the 846 refund code without ever receiving a 971 code and ultimately a letter, but those are usually rare instances, and you will likely see the 971 code appear in the same update as the 570 and 846 codes.


0:00 Introduction
0:25 New Refunds
1:17 Transcript Codes 570-971
2:19 IRS Letters
3:48 Transcript Code 570-Part 2
4:08 CP12 Notice
4:34 Transcript Code 570-Part 3
5:19 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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