On todays IRS tax update with less than one month to go until the end of the tax filing season we will take a look at the latest developments including those still experiencing refund delays who have been waiting beyond the normal 21 day tax processing period as well as those encountering the 570 and 971 codes on their transcripts, from there we will take a look at those who are finally receiving there refunds only to see a reduced amount due to refund adjustments. Now IRS tax processing remains ongoing at this time with the majority of tax returns being processed and refunds issued within 21 days of filing, however that time frame set forth by the IRS is not guaranteed and the major causes for refund delays beyond that time frame include the need to complete ID verification before the refund is released, or your tax return has been randomly selected for wage and or tax withholding verifications, or an audit for those claiming one of several tax credits such as the earned income tax credit. For those seeing tax topic 152 on your refund status results like seen here that represents a normal tax processing code, and it is no cause for concern. However if you do see tax topic 151 it does mean there was a potential issue with the return that may result in a refund adjustment, and tax topic 203 indicates while your refund has been approved you in fact will see a refund adjustment. As a reminder tax transcripts will provide the most up to date information on your tax account compared to simply checking your refund status results on the IRS website.


0:00 Introduction
0:26 Tax Processing
1:24 Refund Delays
2:19 Transcript Codes
3:17 Action Required
4:55 Adjusted Refunds
6:13 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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