In an effort to keep you up to date on all important deadlines, we have put together is a list of deadlines.
January 18, 2022- Quarterly estimated business tax payments for the period from September 1 to December 31, 2021.
January 31, 2022 – Payroll Prior Year Quarterly filings due, Forms W-2/W-3 are due.
February 1, 2022 – Forms 1099 deadline
February 28, 2022- Forms 1099-MISC that do not report NEC in box 7 and that are provided on paper must be submitted to contractors and the IRS.
JFS DEADLINE: February 8, 2022 – 2021 IRS tax returns for partnerships and S corporations are due unless an extension is requested.
JFS DEADLINE: March 11, 2022 – Tax day! April 15 is an important deadline for many types of tax filing. Individuals and C corporations using the calendar year for accounting purposes must submit their 2021 state and federal tax returns.
April 15, 2022- First Quarter Estimated Tax Payment Deadline
April 29, 2022 – First Quarter Payroll Tax reports due
JFS DEADLINE FOR CALCULATION: May 31, 2022 -Quarterly estimated business tax payments for the period from April 1 to May 31, 2022.
July 31, 2022 – Second Quarter Payroll Tax reports due
JFS DEADLINE FOR CALCULATION: August 31, 2022 – Quarterly estimated business tax payments for the period from June 1 to August 31, 2022. Partnerships and S corporations that requested an extension must submit their final 2021 returns by this date.
JFS DEADLINE: September 23, 2022 -Tax returns due for taxpayers that submitted an extension by April 15.
October 31, 2022 – Third Quarter Payroll Tax reports due
JFS DEADLINE: November 10, 2022- Year-end Meetings must be scheduled by this date.
JFS DEADLINE: December 20, 2022- Requests for 1099, W2, W3, and all year-end filings must be made.
JFS DEADLINE: December 30, 2022- Quarterly estimated business tax payments for the period from Oct 1 to December 31, 2022.
|Just like the rest of us these days, it seems the IRS just has too much to do. And not enough time (or staff) to do it.|
According to their own website, as of November 6, 2021, the IRS still had 6.9 million unprocessed individual returns to look at. In addition, they also had unprocessed amended returns (2.7 million), quarterly payroll tax returns (1.7 million), and amended quarterly payroll tax returns (392,000), among others, and the monthly processing of millions of advance Child Tax Credit payments.
Of course, it’s been a rough couple of years for everyone, including the IRS. Covid-19 shut down the entire country for several weeks and the IRS was no exception. They are still struggling to catch up from the backlog of work that started in March 2020. Add to that the agency’s involvement in numerous Covid relief initiatives since then, and you’ve got one very busy agency.
In the past two years, the IRS has had to deal with:
As a result, the IRS continues to struggle. Their own web page on “IRS Operations during Covid-19” states they are delayed in live phone support, processing paper returns, reviewing e-filed returns and answering other mail.
What are their response times like? The IRS website states it can take:
On top of all that telephone support exists, but there are extremely long wait times due to limited staffing and high call volume. And there is anecdotal evidence on social media that receiving refunds related to certain credits (such as the Employee Retention Credit) can take months from filing through actual receipt.
What does this mean for you? As we work to serve you in a timely manner where the IRS is concerned, just be aware that delays on the IRS side of things may mean it takes longer to get a refund or a response from the IRS. Obtaining information from the IRS as we follow up on certain filings (such as an S Corporation election, for example) will also take longer than it normally has.
In spite of the recent struggles of the IRS, we will continue to brave the hold times on the IRS telephone support system and follow up diligently on previous filings for you. Thank you for your patience during this time!
Advanced Child Tax Credit Payments in 2021
Among the many changes that have happened within the IRS, the one change that is grabbing attention is the Advance Child Tax Credit Payment. This means that if you have eligible dependents you will receive advanced monthly payments of the increased Child Tax Credit that you would normally see on your year end tax return. This can result in some tax planning issues if you are not careful.
This is not another stimulus payment. This is the IRS sending you your refund earlier than normal. If you normally have a balance due after the child tax credit, this can result in a larger liability at year end if you do not prepare accordingly.
To opt out of the Advance Child Tax Credit Payment you can do so at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
Just click on the “Unenroll from Advance Payments.”
Be sure to talk with your tax advisor about how this affects your personal situation.
The IRS is swamped. As it struggles to manage processing issues due to the pandemic and last-minute changes from the latest tax credits approved by the Biden administration, there’s one painful consequence for many Americans: a potential delay in receiving their tax refund.
In 2020, the IRS closed its offices due to the pandemic. This created a backlog of unprocessed paper 2019 tax returns the IRS is still catching up on—and that’s not even counting the high-volume of 2020 tax returns being submitted.
The IRS says that several services are affected by these issues, including a slowdown of reviewing newly filed tax returns—even if they’re filed electronically. This in turn can delay the issuing of refunds.
Delays in receiving your tax refund can be frustrating but you can go online to the IRS website and check the status of your refund by going to: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp