The Illinois CPA Society suggests getting a head start on filing your tax return as the IRS opens tax season early with a warning of COVID-related delays.
CHICAGO, Jan. 11, 2022 – Getting an early start on filing your tax return may not have been one of your New Year’s resolutions, but the IRS is making it an option. This year’s tax filing season will begin 17 days earlier than last year’s, starting on Jan. 24, 2022.
The IRS is warning that a resurgence of COVID-19 infections on top of less funding authorization from Congress could make this filing season particularly challenging.
IRS Commissioner Chuck Rettig did offer two key steps for helping taxpayers avoid or minimize tax return and refund processing and delays:
- Avoid filing a paper tax return. Rettig said this, along with receiving refunds via direct deposit, will be more important than ever this year to avert processing delays.
- Report COVID-19 Economic Impact and advance Child Tax Credit payments. Taxpayers who received these payments must report them correctly on their tax returns to avoid processing delays. The IRS will send letters to recipients of the payments, but taxpayers can also check for the amounts they received at IRS.gov.
The deadline for filing individual tax returns is Monday, April 18, 2022, three days later than the normal April 15 deadline due to an Emancipation Holiday in the District of Columbia. April 18 is also the deadline for requesting a filing extension, which gives taxpayers until Oct. 17, 2022 to file their returns for 2021. Overall, the IRS anticipates most taxpayers who are due refunds will receive them within 21 days of when they file electronically if they choose direct deposit and there are no issues with their tax return.
Filing federal and state tax returns is always a hectic process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, have your back. CPAs are strategically positioned to help file your tax returns while determining the best ways to maximize your tax deductions and tax refunds. The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Find your CPA at www.icpas.org/findacpa.