myCPE
myCPE

All Courses, One Price. Unlimited Access and Many Benefits.

Subscribe $199

April Accelerate Sale 2024 : 67% Savings on Subscription. Offer Ends Soon! April Accelerate Sale 2024 :
67% Savings on Subscription. Offer Ends Soon!
00hrs : 00min : 00sec

View Offer

Inside This Article

April 18 tax deadline: The filing deadline is April 18 for most taxpayers. There are currently no plans to extend the filing deadline. For those who need more time to file, an automatic six-month extension of time to file is available for anyone by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The Around the Nation section on IRS.gov provides information about recent tax relief including postponing certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.

Advance Child Tax Credit payments: Advance Child Tax Credit payments: People who received advance Child Tax Credit payments in 2021 need to ensure the amounts they've received are entered correctly on the 2021 tax return. Incorrect entries when reporting these payments mean the IRS will need to further review the tax return, creating an extensive delay. People can check the amount of their payments in their Online Account available on IRS.gov. The IRS also mailed letters to recipients about the advance Child Tax Credit payment amount. However, a limited group of taxpayers may receive a letter with the incorrect amount listed. More information about who might have received an incorrect letter can be found on our IRS Statement — Child Tax Credit Letters page.


Recovery Rebate Credit: Also called stimulus payments or Economic Impact Payments): All third-round Economic Impact Payments have been issued. People may claim any remaining stimulus payment they're entitled to on their 2021 tax return as part of the 2021 Recovery Rebate Credit. People who are filing to get any remaining payment should ensure the amounts they've received are entered correctly on the tax return. Incorrect entries when reporting these payments mean the IRS will need to further review the tax return, creating an extensive delay. The IRS is mailing letters to payment recipients about the stimulus payments amounts they received. People can also check the amount of their payments in their Online Account available on IRS.gov.

Filing if your 2020 tax return is still being processed: For people whose tax returns from 2020 have not yet been processed, they should still file their 2021 tax returns. Those filing electronically in this group need their Adjusted Gross Income, or AGI, from their most recent tax return when they file electronically. For those waiting on their 2020 tax return to be processed, make sure to enter $0 (zero dollars) for last year's AGI on the 2021 tax return. Visit Validating Your Electronically Filed Tax Return for more details.

Status of IRS tax return inventory from prior years: COVID-19 continues to cause delays in the processing of some prior year tax returns and amended returns. Please visit our IRS Operations During COVID-19: Mission-critical functions continue page to find out the current status of the IRS inventory from prior years.

Form 1099-INT: Taxpayers should report interest from unemployment refunds, other IRS payments as 2021 income. The IRS reminded taxpayers who received an interest payment for a tax-related issue in 2021 need to report it as income on their tax return.

Under the law, interest income is taxable, and that includes payments from the IRS. During 2021, several groups of people could fall into this category. This includes people who received interest payments related to IRS refunds of taxes paid on unemployment income or people who received interest on a tax refund. Normally, the IRS is required to pay interest on a refund if the refund is issued after a statutory 45-day period.

The IRS is sending a Form 1099-INT to anyone who receives interest totaling at least $10. The IRS reminds people to watch their mail for Forms 1099, not just from the IRS and other payers. Due to IRS mailing issues and other factors, taxpayers may continue to see these arrive in the mail through February.

Source:https://www.irs.gov/newsroom/help-for-taxpayers-and-tax-professionals-special-filing-season-alerts

Imtiaz Munshi, CPA
Imtiaz Munshi, CPA
CFO, AZSTEC LLC

The author Imtiaz Munshi is a Certified Public Accountant and CFO at Azstec, LLC. He is Business Strategist, Tax Planner, Entrepreneur and Advisor to "HNEs" (High Net Worth Entrepreneurs).

Subscribed
Matthew purchased a subscription.
Subscribed
Sarah purchased a subscription.
Subscribed
ASHRAF purchased a subscription.
Subscribed
Joyce purchased a subscription.
Subscribed
Michele purchased a subscription.
Subscribed
Karlene purchased a subscription.
Subscribed
Robert purchased a subscription.
Subscribed
Angela purchased a subscription.
Subscribed
Vaidehi purchased a subscription.
Subscribed
Anshul purchased a subscription.
Subscribed
CamaLe purchased a subscription.
Subscribed
Marvin purchased a subscription.
Subscribed
Andrew purchased a subscription.
Subscribed
Denice purchased a subscription.
Subscribed
Helen purchased a subscription.
Subscribed
Yue purchased a subscription.
Subscribed
Tyler purchased a subscription.
Subscribed
Natalia purchased a subscription.
Subscribed
Lisa purchased a subscription.
Subscribed
Kevin purchased a subscription.
Subscribed
JonEric purchased a subscription.
Subscribed
Lisa purchased a subscription.
Subscribed
Becky purchased a subscription.
Subscribed
David purchased a subscription.
Subscribed
Darrell purchased a subscription.
Subscribed
Deva purchased a subscription.
Subscribed
MICHAEL purchased a subscription.
Subscribed
Luna purchased a subscription.
Subscribed
Leroy purchased a subscription.
Subscribed
ANDREA purchased a subscription.
Subscribed
Michelle purchased a subscription.
Subscribed
Alyson purchased a subscription.
Subscribed
colby purchased a subscription.
Subscribed
Kent purchased a subscription.
Subscribed
Lan purchased a subscription.
Subscribed
John purchased a subscription.
Subscribed
Simeon purchased a subscription.
Subscribed
Rita purchased a subscription.
Subscribed
R Anilesh purchased a subscription.
Subscribed
Kimberly purchased a subscription.
Subscribed
Lisa purchased a subscription.
Subscribed
Brenda purchased a subscription.
Subscribed
Michael purchased a subscription.
Subscribed
Jenny purchased a subscription.
Subscribed
Larry purchased a subscription.
Subscribed
Anuj purchased a subscription.
Subscribed
Hardik purchased a subscription.
Subscribed
Joseph purchased a subscription.
Subscribed
Gurgen purchased a subscription.
Subscribed
James purchased a subscription.
Subscribed
Ellen purchased a subscription.
Subscribed
Jeremy purchased a subscription.
Subscribed
Xiaoyan purchased a subscription.
Subscribed
james purchased a subscription.
Subscribed
John purchased a subscription.
Subscribed
Drew purchased a subscription.
Subscribed
Jason purchased a subscription.
Subscribed
David purchased a subscription.
Subscribed
Austin purchased a subscription.
Subscribed
Hilbert purchased a subscription.
Subscribed
Michael purchased a subscription.
Subscribed
Brian purchased a subscription.
Subscribed
Ghristy purchased a subscription.
Subscribed
Jill purchased a subscription.
Subscribed
Jessica purchased a subscription.
Subscribed
Yuchu purchased a subscription.
Subscribed
Vivian purchased a subscription.
Subscribed
Danielle purchased a subscription.
Subscribed
Sam purchased a subscription.
Subscribed
CURTIS purchased a subscription.
Subscribed
Abdulla purchased a subscription.
Subscribed
TRACEY purchased a subscription.
Subscribed
Keith purchased a subscription.
Subscribed
Gordon purchased a subscription.
Subscribed
Matthew purchased a subscription.
Subscribed
SVETLANA purchased a subscription.
Subscribed
Patrick purchased a subscription.
Subscribed
Vincent purchased a subscription.
Subscribed
RAN purchased a subscription.
Subscribed
William purchased a subscription.
Subscribed
Tamara purchased a subscription.
Subscribed
Debra purchased a subscription.
Subscribed
Angie purchased a subscription.
Subscribed
Brent purchased a subscription.
Subscribed
Anne purchased a subscription.
Subscribed
Margaret purchased a subscription.
Subscribed
Marlon purchased a subscription.
Subscribed
Nina purchased a subscription.
Subscribed
Uma purchased a subscription.
Subscribed
Tyler purchased a subscription.
Subscribed
Christopher purchased a subscription.
Subscribed
William purchased a subscription.
Subscribed
Mark purchased a subscription.
Subscribed
Mel purchased a subscription.
Subscribed
Kristin purchased a subscription.
Subscribed
Jackie Chi Sun purchased a subscription.
Subscribed
Malia purchased a subscription.
Subscribed
Kyla purchased a subscription.
Subscribed
Jinal purchased a subscription.
Subscribed
Faye purchased a subscription.