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Tax Resources for Small BusinessSmall Business and Self-Employed One-Stop Resource Small Business Forms & Instructions e-File for Businesses and Self-Employed Other ResourcesTax Information for Charities
| Issue Number: Issue 2022-02Inside This Issue
1. January 31 wage statement deadline reminder for employers The IRS urges employers to be aware of the January deadline to file Forms W-2 and other wage statements. Employers can help fight fraud by filing timely. E-file is the quickest, most accurate and convenient way to file. 2. Important filing season information IRS urges extra caution The IRS kicked off the 2022 tax filing season on January 24, 2022, with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds. Top 5 things to remember The IRS reminds taxpayers about several key items to keep in mind when filing their federal income tax returns this year. IRS Free File available; important tax benefits The IRS announced the availability of Free File. Free File provides taxpayers online tax preparation products at no charge and an early opportunity to claim the 2021 Recovery Rebate Credit, the enhanced Child Tax Credit, the Earned Income Tax Credit and other important credits. FAQs: Recovery Rebate Credit, Child Tax Credit and Advance Child Tax Credit Payments The IRS issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. The IRS also updated the FAQs for the 2021 Child Tax Credit and Advance Child Tax Credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return. Bookmark IRS.gov resources and online tools to use before, during and after filing The IRS encourages taxpayers to use IRS online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments and advance Child Tax Credit payments. File and pay taxes on time to avoid penalty and interest charges Taxpayers can avoid penalties and interest by filing no later than April 18, 2022, and by paying their taxes on time. The video, Avoiding Interest and Penalty Charges, provides more details. 3. A Closer Look: Tips to help file; Options from challenges Check out the two latest executive columns in A Closer Look. The 2022 tax season has started – Tips to help file an accurate return The latest executive column features Ken Corbin, Commissioner, Wage and Investment Division, providing an overview of the 2022 filing season and tips to help file an accurate return. "It's important to all of us at the IRS that each taxpayer's experience is one that meets their needs and preferences," said Corbin. "We want to ensure that everyone understands the importance of filing electronically and choosing direct deposit, and we want people to know what they need to claim credits and deductions they may be eligible for when they file." Flexible options evolve from challenging times This recent executive column features Harrison Smith, Co-Director, IRS Enterprise Digitalization and Case Management Office, discussing how the immediate need to minimize in-person contact to protect taxpayers and employees led the IRS to take steps toward increasing digital interactions. "As difficult as these last months have been, we've found demands from challenging times can evolve into opportunities to meet taxpayers' needs and to better serve their representatives," said Smith. "Never was this more evident than during this pandemic." 4. Delays in employer credit advance payments Expect payment delays until late January 2022 for Form 7200, Advance Payment of Employer Credits due to COVID-19. Taxpayers may continue to file Forms 7200 by fax until January 31, 2022, and any applicable employment tax returns by their required due date. 5. IRS urges employers to take advantage of the Work Opportunity Tax Credit The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain groups who have consistently faced significant barriers to employment. The Consolidated Appropriation Act, 2021, authorized the extension of the WOTC until December 31, 2025. The following information may be of interest to individuals and groups in or related to small businesses:
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