2022 IRS TAX REFUND UPDATE - New Refunds Approved, Tax Delays for 2023, Amended Returns, IRS Letter
On today’s IRS Tax refund update as we have made it to the final week of 2022 we will take at where things stand with the tax return backlog and the wait many of you continue to experience for your refunds as we begin the countdown to the 2023 tax filing season. Meanwhile since our last update the treasury department has released a report on the backlog and why the IRS is unlikely to clear the backlog before the start of next tax season forcing many of you to continue to wait so we will take a look at that as well. If the current processing trends continue, we expect the majority of the remaining paper returns to be processed and completed by the start of the next tax season in late January with unprocessed e-file returns carrying over into February, but that’s why it will be important to see the final update this week from the IRS to see if there were any major changes in the last week like we saw during the week before. Now turning to those tax refunds with the final direct deposit refund set for December 28th while the last batch of paper checks is scheduled to be mailed out on Friday, December 30th. These will be the final batches of the year and also the last batches before those interest payments increase from 6% to 7%. For direct deposit refunds do wait up until January 3rd before initiating a payment trace if you have not already received it as of that point. Earlier this year the IRS commissioner stated the tax return backlog would absolutely be cleared by the end of 2022, and as we reported at the time, we believed that to be unlikely given the amount of returns and time it was taking the IRS to process them. Our belief about this was all but confirmed in the past week as the Treasury department released a report on the backlog indicating their assessment is that in fact this backlog will carry over into the 2023 tax season. 0:00 Introduction 0:27 Weekly Backlog 1:12 Amended Return Processing 1:33 Employer Return Update 1:55 New Refunds 2:20 Return Backlog Delays 3:12 IRS Processing Goal 3:50 2023 Tax Season 4:17 Conclusion 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
On today’s IRS Tax refund update as we have made it to the final week of 2022 we will take at where things stand with the tax return backlog and the wait many of you continue to experience for your refunds as we begin the countdown to the 2023 tax filing season. Meanwhile since our last update the treasury department has released a report on the backlog and why the IRS is unlikely to clear the backlog before the start of next tax season forcing many of you to continue to wait so we will take a look at that as well. If the current processing trends continue, we expect the majority of the remaining paper returns to be processed and completed by the start of the next tax season in late January with unprocessed e-file returns carrying over into February, but that’s why it will be important to see the final update this week from the IRS to see if there were any major changes in the last week like we saw during the week before. Now turning to those tax refunds with the final direct deposit refund set for December 28th while the last batch of paper checks is scheduled to be mailed out on Friday, December 30th. These will be the final batches of the year and also the last batches before those interest payments increase from 6% to 7%. For direct deposit refunds do wait up until January 3rd before initiating a payment trace if you have not already received it as of that point. Earlier this year the IRS commissioner stated the tax return backlog would absolutely be cleared by the end of 2022, and as we reported at the time, we believed that to be unlikely given the amount of returns and time it was taking the IRS to process them. Our belief about this was all but confirmed in the past week as the Treasury department released a report on the backlog indicating their assessment is that in fact this backlog will carry over into the 2023 tax season. 0:00 Introduction 0:27 Weekly Backlog 1:12 Amended Return Processing 1:33 Employer Return Update 1:55 New Refunds 2:20 Return Backlog Delays 3:12 IRS Processing Goal 3:50 2023 Tax Season 4:17 Conclusion 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