Summer 2022 Tax Deadlines and IRS Updates

Upcoming Tax Deadlines

June 15, 2022
– Second quarter 2022 individual estimated tax payments are due.

August 1, 2022
– Due date for filing 2021 retirement or employee benefit plan returns (5500 series) for calendar year plans.

September 15, 2022
– Third quarter 2022 individual estimated tax payments are due.
– Extension deadline for 2021 S-corporation and partnership returns.

IRS reminds businesses of the Work Opportunity Tax Credit (WOTC)

With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. It’s called the Work Opportunity Tax Credit and it is available for hiring recipients who have been unemployed for at least 27 consecutive weeks and received state or federal unemployment benefits during part or all of that time. The WOTC is available for wages paid to certain individuals who begin work on or before December 31, 2025.

New Jersey launches 401K mandate for businesses

Companies with more than 25 employees that don’t offer a retirement plan must start doing so through the New Jersey Secure Choice Savings program. The program costs nothing for employers, but there is administration involved. If your business has not offered a 401(k) retirement plan in the past two years, you must inform employees of the program’s availability and enroll employees who do not opt out. The contribution rate is 3% pre-tax, unless the employee chooses a different rate.

Tax season is over, now what?

• If you are awaiting your refund, check your status online at IRS.gov.
• If you received a large refund or unexpected tax bill, consider double checking your withholding and Form W4.
• If you had a large tax bill or file a Schedule C with a profit over $1,000, your quarterly estimated payments are due June 15, September 15, and then January 15 of next year.
• If you filed an extension, remember the complete tax return must be filed by October 17, 2022.
• If you had any concerns with your tax return during this past tax season, meet with your CPA this summer for a tax planning meeting.

This article is from Alloy Silverstein’s Summer 2022 Client Alert newsletter. Download the full issue or subscriber to future enewsletters at our Publications page.