Taxpayers should mark their calendars and consult with their CPA and advisors on the following deadlines.
January 3, 2022
• Extended deadline for those impacted by Hurricane Ida in designated disaster areas.
*Note, this deadline has been extended to February 15, 2022.
January 18, 2022
• Due date for fourth installment of 2021 individual estimated tax.
January 31, 2022
• Due date for employers to provide W-2 statements to employees and to also file Forms W-2 with the Social Security Administration.
• Due date for payers to provide Form 1099-NEC for nonemployee compensation to the IRS and to recipients.
• Due date for payers to provide Form 1099-MISC to recipients.
• Due date to furnish Form 1095-C to full-time employee recipients.
• Employers must file 2021 federal unemployment tax returns and pay any tax due.
February 28, 2022
• Payers must file Forms 1099-MISC, 1095-B, and 1095-C with the IRS (March 31 if filing electronically).
March 1, 2022
• Farmers and fishermen who did not make 2021 estimated tax payments must file 2021 tax returns and pay taxes in full to avoid a penalty.
March 15, 2022
• Deadline to file 2021 partnership and calendar year S-corp returns.
Now, the final eligible quarter for Employee Retention Tax Credit (ERTC) is 3rd quarter 2021 instead of 4th quarter. But employers can still file amended payroll returns if you are eligible to receive the credit. Your accountant can determine eligibility and work the calculations for you.
Small businesses with fewer than 30 employees or $1 million in gross receipts can receive up to $5,000 in tax credits for making their websites ADA compliant. The credit can cover 50% of eligible costs in a year up to $10,250 in expenses.
Millions of Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Also, the maximum amount of earnings subject to Social Security payroll tax in 2022 will be higher.
The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior
year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600. These adjustments apply to tax returns filed in 2023.
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