Has the IRS Started Approving Refunds for 2024? Latest Update

Exciting news for taxpayers!

Tax season is officially over, marking the end of a period of anticipation and preparation. As we reflect on this tax season, the IRS has shared encouraging updates: the refund approval process for the 2024 tax season is well underway.

According to the recently released data for the week ending April 19, 2024, a substantial total of 86,058,000 refunds have already been processed, amounting to an impressive $245.2 billion in value.

Last year the IRS issued approximately 237.8 million refunds to taxpayers for the 2022 financial year. This totaled approximately $512.0 billion in value.

When we compared the refunds processed so far in 2024 (for FY 2023) to the previous FY 2022, we can see that so far the number of refunds processed for 2023 is about 36% of the total from 2022. Whereas the value refunded is about 48%.

In other words, the people who file earlier (and get their refunds earlier) tend to also be those who are due for larger refunds. Makes sense to us! Why let the IRS hold on to your money any longer than necessary?

If you would like to check on the status of your refund, you can do so by using the IRS tool Where’s My Refund or call their automated refund hotline at 800-829-1954.

While individual tax returns are getting refunded promptly by the IRS, the same cannot be said of ERC claims. If you have filed or submitted an ERTC claim for your small business and have yet to receive your credit, you may need to be extra patient, as wait times for ERC claims are longer due to an IRS moratorium. Read our article here on extended ERC wait times for more information.

Stay tuned for further updates, and remember to file your taxes accurately and on time next year to ensure a smooth refund experience.

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