IRS Tax Refund Update monitoring the latest developments including the latest update on the current tax return backlog and some significant developments to report so we are going to take a look at that, meanwhile the next batch of tax refunds is scheduled for release later this week so we will check in on that as well, and a surprising development to report for those still waiting on their amended tax returns to be processed along with recapping those still encountering issues accessing their tax transcripts. Now the IRS has released its latest update in regards to the current backlog which now stands at 10.5 million unprocessed tax returns, now that is a decrease of half a million tax returns from the week prior and represents the largest 1 week decline of the backlog all year. 200,000 electronic returns and 300,000 paper returns were cleared from the backlog which is significant to those still waiting. Furthermore, that means when Julys numbers are finalized will have seen a decline of 1 million returns. Now turning to this week’s batch of refunds with the most significant amount of refunds set for release on Wednesday, August 3rd as confirmed by a number of viewers through refund status results and tax transcript screen captures like seen here. If your part of this group do allow up until August 8th to receive that direct deposit before initiating a payment trace. Turning to those waiting on amended tax returns now while we continue to receive more and more reports from those who filed in February finally reporting an update, we received an update from one of our subscribers who’s amended tax return was received on June 29th, and that just 3 weeks later on July 22nd it had been adjusted. Now this is the quickest turnaround for an amended return we have seen all year and is a promising sign for other amended return filers.
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