Although the last two tax filing seasons were significantly impacted by the Covid-19 pandemic, and the IRS extended both deadlines, the IRS is not expected to extend the tax filing deadline for 2022.
Covid-19 will still be a concern, several stimulus tax laws will still be challenging for some filers, and new tax laws may very well be created between now and then that add more complexity. But the income tax filing process will likely be closer to normal than either 2020 or 2021 were, which both had extended filing deadlines due to closures of IRS offices, the tax courts, and IRS and tax firm staff being new to remote working. In other words, be ready to have your taxes filed by Friday, April 15, 2022, or an automatic extension filed by June 17 or October 15, with Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, which as you might know we ask for all our clients, just in case. The good news is that the federal and state income tax returns filing process should be closer to normal, as well. Depending on when a taxpayer files, they can often receive their tax refund payments (check or direct deposit) within only 2-3 weeks.
Traditionally (meaning pre-Covid), the IRS starts accepting tax returns during the last week of January. If major new tax legislation is passed at the end of the year, however, this could push the start of tax season back by a week or two. So, early tax filers who are a due a refund can often see them as early as mid or late February. However, taxpayers with the Earned Income Tax Credit or Child Tax Credit generally have their refunds delayed by about one month while the IRS confirms eligibility for these credits.
However, if a person will owe taxes, it is still their obligation to pay those taxes by April 15, even if they have requested an extension to file. We can assist with this, please do not hesitate to book an appointment for free with no commitment on your side.
Do not forget to check our post “Reminders before 2022 Tax season”
US Tax Consultants
Tel .91 5194392