IRS Tax Refund Update monitoring the latest developments this tax season as the latest batch of Tax Refunds have now been issued, with reports coming in from taxpayers that those direct deposits are reaching their bank accounts. As well as those taxpayers who continue to experience delays when comes to the processing of their tax returns and tax refunds with some now not expecting a resolution till summer, and we are less than 1 week away from the tax filing deadline. The latest developing news this tax season is that the April 13th batch of tax refunds have now been issued and transmitted to banks nationwide. Taxpayers who have accounts with Chase, Credit Karma, TD Bank, Wells Fargo, and Chime, were among the first to confirm those direct deposits have in fact reached their accounts as scheduled. While a majority that are part of this batch will receive those deposits the day of, some taxpayers can expect to wait an additional 1-2 days to post to their accounts. If you are part of this latest batch and do not receive your refund by April 18th you may need to initiate a payment trace with the IRS to locate the refund, if the IRS receives that direct deposit back as rejected, they will issue out a paper check to the address on file. Meanwhile taxpayers continue to report delays in the processing of their tax returns and issuing of refunds like seen here. Now this is happening despite 97% of all submitted tax returns so far being processed this tax season. Now do note there are several reasons why you may be experiencing delays with the processing of refunds aside from extended processing times and they include incorrect tax credit amounts entered on the tax return, Identity verification needed, or wage information does not match what the IRS has on file. For those still needing to verify your identity in order to have that tax refund processed the fastest way to do so is on the IRS.gov website and creating an ID.me account as seen here. Make sure to have a valid photo ID and your 2021 tax returns accessible to complete the process, if you are not able to complete the process online or by phone you will need to schedule an appointment at your local IRS office to complete the verification.
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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