Happy New Year!
Welcome to 2022 and the beginning of a new tax filing season. As we deal with all that 2022 brings us, DLA is here to help you navigate through your taxes and finances as efficiently as possible. We are here to help with any questions you may have. We have put together some reminders and tips for January 2022 to be aware of…
- Hurricane Ida Relief Update – On December 30, 2021, the IRS updated tax relief granted for victims of Hurricane Ida located in specific states. Those taxpayers have been granted extended relief on the filing of their 2020 tax returns and payment of third and fourth quarter 2021 estimated tax payments until February 15, 2022. Contact DLA if you believe you may be affected and need additional guidance.
- January 15th, 2022 is the due date for fourth quarter 2021 estimates to be paid (except as previously discussed). Payments can be made electronically or mailed in with paper vouchers. Make sure if you are mailing in a check you have a postmark by the 15th to be considered timely remitted. If you have to pay late, do not worry. It is better to pay late than not at all.
- IRS tax filing season officially opens on January 24, 2022! You may not have received all of your forms yet, but no need to worry. You have until April 18, 2022 this year (due to Emancipation Day holiday observation in District of Columbia). The IRS is still understaffed and taxpayers are waiting on refunds (from tax year 2019 in some cases). When possible, electronically file your returns. This will help speed up the process in most cases. DLA is here to assist with getting your returns filed electronically as early as possible.
- Did you receive an advanced payment of the child tax credit or the third stimulus payment during 2021? If so, the IRS is currently processing letters to go out to taxpayers who received these funds. You will need to record these amounts on your 2021 tax return – do not throw those letters out.
- Are you a small business owner? If so, please reach out so we can begin closing the books on 2021 to get a clean start to 2022. Now is a good time to spend a cold winter day reconciling those bank and credit card accounts, and if you don’t want to, we are here for you!
Happy New Year to all! DLA wishes you a healthy and prosperous 2022.
FREDERICK P. BARA. CPA
Tax Practice Leader
T 732 383 8880 | M 908 200 9133 | F 732 268 7388