It's not so much that the IRS releases everyone's funds on a specific date, rather there is a 3 step process to getting your 2014 tax refund from the IRS:
- Return received (the date they receive your form for tax returns)
- Refund approved
- Refund sent
A Refund will only be approved when the IRS has received and processed your return. Speaking to some friends of mine, it seems this can take up to 21 days from the time of refund received - and a further couple of days if the amount needs to clear through your bank.
In most cases, the IRS will send your refund directly to your bank via direct deposit.
I can also be sent to you via mail, but only if you put in a request to receive your returns as a paper check.
Direct deposit is obviously quicker though.