Tax Updates April 27

Properly Withhold for 2022

The IRS is urging taxpayers to use the Tax Withholding Estimator to ensure they’re having the right amount of tax taken out of their earnings. Now that 2021 returns have been completed, workers can use that information to adjust their withholding to more accurately reflect their tax burden. A large refund or surprise tax bill suggest that withholding needs to change. Those who have recently experienced a major life change such as marriage, divorce, birth of a child, or purchase of a home should also use the Estimator.

Nationwide Tax Forum In July

The IRS has announced that the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19. Live-streamed webinars will occur every Tuesday, Wednesday, and Thursday over the weeks. This summer event, held for more than 30 years, is an outreach to the tax professional community, and while many other events and organizations are meeting in person this year, the Nationwide Tax Forum will be online. Early bird registration is available, and tax professionals are encouraged to register soon. Topics will include tax law, ethics, virtual currency, and more, and will confer up to 28 continuing education credits upon attendees.

Missed April 18 Filing Deadline?

The IRS is encouraging taxpayers who missed the April 18 deadline to file as soon as possible. Taxpayers who are owed refunds will not be penalized for filing late, but those who owe taxes should file quickly to limit penalties and interest. Additionally, families can still claim the Child Tax Credit for 2021 if they have not received it. This year also marks the first time that families in Puerto Rico can claim the Credit, up to $3600 for each child.

May 16 Deadline For the Tax-Exempt

The IRS reminds tax-exempt organizations that May 16 is the deadline for filing certain returns, including Forms 990, 990-EZ, 990-PF, 990-N, 990-T, and Form 4720. Electronic filing is mandatory, and there are pre-recorded online workshops to help exempt organizations comply with filing requirements, if needed.