13 Jan IMPORTANT TAX SEASON UPDATES JAN 2022
WE ARE READY THIS TAX SEASON: Our team of tax professionals are ready this tax season to take great care of our valued clients — this means YOU! This year brings even more tax changes, credits and deductions for our team of tax professionals to interpret and use for YOUR financial benefit.
IT IS OUR 30 YEAR ANNIVERSARY IN 2022: It is our 30th year in business this year! We are confident that our rich history of a thirty year, long-term, commitment to small business and individual outcomes will be beneficial for the positive outcomes of our clients today and into the future! Our team has seen a lot of tax, accounting, small business, IRS/government, technology and economic changes in our past thirty years of practice. We have learned and improved from them all, and we continue to stay committed to improving our practice every day, for the benefit of our clients.
1040 TAX ORGANIZERS – COMING SOON: We are going to provide you with a full organizer this year for your individual tax return via mail in the next week or two as we have done in years past. This will be mailed to our clients that we prepared individual (1040) tax returns for last year. Many of our clients requested that we do this again. If you don’t receive it soon, please contact our office.
OUR EASY-TO-USE VIRTUAL TAX PREPARTION OPTIONS ARE BACK THIS YEAR: We offer our ShareFile Secure Client Portal System to easily share documents with you. We offer Zoom virtual tax reviews so that you do not need to come into our office for an appointment. Both virtual (Zoom) and in-person tax appointments are available if you wish to review your tax returns with our team after we prepare your tax returns. For your convenience, we are able to screen share your tax forms and tax returns with you virtually on your computer monitor at your home or office, via Zoom, without you coming in to our office. We do understand that certain clients do wish to come into our office, and that option is still available. For appointment scheduling, clarification, tax filing options, and to ask questions please contact our office to discuss. 727-934-7759 To learn more about how your virtual tax preparation options would work for you, click HERE: Tax preparation options – Choose Your Process – Unbehagen Advisors
HOW TO PREVENT IRS PROBLEMS WITH YOUR INDIVIDUAL TAXES THIS YEAR: Please review your 2021 bank statements to provide us with the amounts you may have received for the “Third Economic Impact Payment” (third round of IRS stimulus payments sent to taxpayers around May 2021), and for the “Advance Child Tax Credit” payments that you may have received monthly (starting in July 2021 through December 2021). The IRS has announced that they will be also be mailing clients a summary of the Advance Child Tax Credit (IRS Letter #6419). Not accurately providing us with these amounts when we prepare your 2021 1040 will create IRS notices, penalties, interest and delays in potential refunds and tax filings. If you are having trouble locating the receipt of these payments then you may also create an online account with the IRS, and your account will include this information when logging in to it. To create an online IRS account, click HERE: Your Online Account | Internal Revenue Service (irs.gov)
EXPECT EVEN MORE IRS DELAYS THIS YEAR: The IRS has millions of tax returns that are backlogged and have not been processed which date back to even two years ago when they were mailed to the IRS. There have been IRS staffing cuts, and most remaining IRS staff have been sent home to work. Many of their computers and software programs have been outdated (for decades now). Most phone calls to resolve IRS problems and letters are going unanswered to the IRS, and letters mailed to them to resolve matters are going into a long queue and not being read. We are recommending that all tax returns be filed electronically this tax season. We also ask that our clients continue to be as patient as possible if there is a matter that we are to contact the IRS to resolve as we will continue to attempt to push through their backlog as effectively as possible. The IRS delays are unprecedented, and the IRS has not yet released a plan to remedy their problems. We are confident that there is not going to be a remedy by the IRS anytime soon.
TAX FILING DEADLINES AND EXTENTIONS:
Businesses: Most business tax returns (Forms 1065 and 1120S) are due March 15, 2022 without a six-month extension. The electronic filing system for the IRS to accept these tax returns is opened now.
Individuals: Individual tax returns (Form 1040) are due April 18, 2022 without a six-month extension. The electronic filing system for the IRS to accept these tax returns is opening on January 24, 2022.
Extensions: As a reminder, an extension of a tax return is only an extension of time to file, not an extension of time to pay. Any taxes owed after the filing deadlines may incur IRS penalties and interest. If you require an extension and know you owe tax, please call the office so we may provide an extension form with the payment voucher to send to the IRS. We are available to assist with that estimated tax calculation if you require it. Feel free to contact us to discuss this further with you.
***This information is current as of 1/13/2022. This information may change in the future as much of this information is based on information from the government and the IRS, and they make changes often. Please contact Unbehagen Advisors about this information as it pertains to your specific circumstances.
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