2022 Tax Filing Season:  What You Need to Know

In an announcement sent January 10 by the Internal Revenue Service, the agency outlined a number of key points to help taxpayers know what to expect in advance of the April 18 tax deadline.  We’ve cut the jargon and distilled it down to make it easy for you:

  • The IRS will begin accepting and processing 2021 tax returns on Monday, January 24, 2022.
  • The filing to submit 2021 tax returns and payments or to file an extension is Monday, April 18, 2022 for most taxpayers, including those in Indiana and Illinois.  Those requesting an extension have until Monday, October 17 to file.

  • Due to COVID-era tax changes and broader pandemic challenges, the IRS is behind on processing 2020 returns.  Generally, you will not need to wait for your 2020 return to be fully processed before filing your 2021 documentation.

  • Because of this backlog, people are encouraged to use online resources before calling.

  • Additionally, to avoid delays in processing, you should avoid filing paper returns whenever possible.  The IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically if they choose direct deposit and there are no issues with their returns.

  • Watch for the mail for letters about advance Child Tax Credit payments and third Economic Impact (stimulus) payments. 

    • The IRS started sending Letter 6419, 2021 advance Child Tax Credit, in late December 2021 and continues to do so in January.  Please keep this letter and provide to MBJ Accounting with your 2021 tax documentation.  Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit.

    • The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to individuals who received a third payment in 2021 in late January.  While most eligible people already received their stimulus payments, this letter will help you  determine if you are eligible to claim a missing payment.  Please keep this letter and provide to MBJ Accounting with your 2021 documentation.

Remember, in order to ensure a timely return, please submit your documentation electronically by Monday, March 14.  We are happy to make appointments to answer any questions you may have.