– Deadline to file partnership and S-Corporation tax returns.
– Deadline to file individual, trust, gift and calendar-year C-Corporation returns.
– Deadline for making 2021 IRA contributions.
– First installment of 2022 individual estimated tax is due.
– Deadline for calendar-year non-profit organizations to file annual reporting.
Mileage rates for business travel are set for 2022. The standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
With historic backlogs and labor shortages due to COVID-19, the IRS is experiencing delays in some of its services including live phone support, paper returns filed, answering mail from taxpayers and reviewing tax returns. Filing earlier and electronically are two ways to avoid possible delays.
Update: IRS Suspends Some Taxpayer Notices to help the agency get caught up this tax season.
Recipients of the 2021 advanced Child Tax Credit (CTC) monthly payments should have received IRS Letter 6419 which details the total amount of CTC payments received. A separate letter was sent to the taxpayer and to the spouse, with half of the advance payments shown on each letter. Taxpayers need this letter to file their 2021 tax return. Most eligible taxpayers received their full CTC but parents of children born in 2021 and families that added qualifying dependents in 2021 should claim a Recovery Rebate Tax Credit.
Like the advance CTC letter, a letter from the IRS was sent to recipients of the third Economic Impact Payment. Letter 6475 summarized any funds the taxpayer received for this stimulus and should be included with the tax return information, not return.
Our tax and advisory team is ready and able to partner with you this Spring. Contact Alloy Silverstein for guidance on your specific situation.
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