On today’s IRS tax update we will check in on the latest developments in what will be one of the busiest weeks of the tax season following the official end of refund holds under the path act, and a growing number of tax returns being filed daily. Meanwhile we are receiving additional reports of viewers encountering codes 570 and 971 on their tax transcripts, so we will breakdown the top causes and letters those impacted by this may receive, and we will check in on those who are still seeing no tax updates and why that does not necessarily indicate a problem with your return. Based on comments for those still experiencing refund delays we are seeing a growing number of viewers encountering the 570 and 971 codes on their tax transcripts since the last massive tax transcript update, now if this is happening to you at the moment you are likely to fall into one of the following three scenarios which we will recap one by one. Now under one scenario some are likely to receive letters such as the CP 05 series, which is a request by the IRS for the taxpayer to prove the income and or tax withholdings you reported on their tax return. If you receive this letter it is often a request for copies of paystubs, and the W 2 form you received from your employer, and in cases we have seen this could in fact be completely random even if you have never had any previous tax issues. The CP12 notice will be sent informing you an error was encountered on the tax return often a miscalculation which they have addressed resulting in an adjusted refund. If you agree with the changes the IRS made no further action is necessary and you will receive that refund within 4 to 6 weeks, now if you disagree with the IRS on the adjustment, you can appeal that and should do so within 30 days.


0:00 Introduction
0:30 Tax Processing
1:15 Tax Transcripts 570-971
2:16 IRS Notices
3:44 Tax Transcripts Part II
4:05 CP12 Notice
4:30 Tax Transcripts Part III
4:49 Tax Status Updates
5:56 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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