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The IRS tax refund update for this week includes the announcement of the next batch of tax refunds scheduled to be released on Wednesday, May 4th. Despite extended refund delays, refunds are expected to be deposited into bank accounts, with some recipients possibly experiencing delays of one to two business days. For those who filed paper returns or amended returns, the wait time for refunds can range from six months to a year. Taxpayers receiving notices such as the cp05 notice may need to initiate a payment trace if they do not receive their refund by Monday, May 9th.