Dec 14 2021 /

2022 Tax Return Deadlines

2022 Tax Return Deadlines

When are business taxes due in 2022? If you’re not sure of the tax deadline, it’s time to sit down and educate yourself on the changes of the last year. Unfortunately, the 2022 tax season will not be normal.

Health concerns still exist for businesses and new tax law provisions are bound to complicate filing further.

Additionally, there are:

  • Potential pitfalls you’ll want to avoid
  • Chances of new tax laws being enacted

First and most importantly, all accounting firm owners should spend time educating themselves on industry changes that have an impact on their taxes in 2022.

Understanding the American Rescue Plan Act

The business tax filing deadline in 2022 is April 15 2022 for all individuals. You’ll be filing your business’ taxes for the 2021 fiscal year and most businesses will only be paying quarterly taxes.

Unlike in 2020, the IRS is very unlikely to push back the tax filing date. In 2020, the deadline for taxes was set back to July.

The 2021 filing date was extended to May. However, with the world becoming more accustomed to the pandemic, unless something drastic occurs in the very immediate future, businesses and individuals can expect the deadline to be April 15.

However, there are some changes that must be considered due to the American Rescue Plan Act, or ARPA for short. 

Some of these considerations are:

Economic Impact Payments

Economic Impact Payments (EIPs) were last sent out in March 2021, which marked the third such payment that people received. Some residents received as much as $1,400 and even more for their qualified independents.

However, this money was truly “free” money for recipients.

You do not add EIP into your annual income. With that said, if a person didn’t receive the correct amount of EIP, they’ll have the option to claim a credit on their taxes.

For many people, the credit is a bonus when filing taxes this year and an added perk for anyone who owes money.

Child Tax Credit

Parents received an extra addition to their Child Tax Credit under ARPA. Maximum credits were increased to:

  • $3,000 for all children over six years of age
  • $3,600 for children under the age of six

Advance Child Tax Credits were sent out in July and all credits are fully refundable. For anyone received these credits, this can prove to be a hassle when filing 2021 tax returns. Due to the advanced payments that some parents received, they’ll receive a smaller tax refund.

Clients may expect to receive more from their tax returns due to overlooking the advancement in their child tax credit.

Dependent Care Credits

Taxpayers with a gross income of $125,000 or less had their dependent care credit increased under ARPA. The increase was as follows:

  • $4,000 for one child (was $600)
  • $8,000 for two children or more (was $1,200)

Accountants must ensure that their clients take advantage of the fully refundable credit. Maximizing their tax rewards when filing 2021 tax returns is crucial.

Unemployment Benefits

If a worker lost their job in 2020, there are a few unique tax benefits to consider. First and foremost, if a filer’s adjusted gross income (AGI) fell below $150,000, the first $10,200 that they receive in unemployment benefits are fully exempt.

Many taxpayers overlooked this tax break, or their accountant missed it when filing.

Reviewing each client’s taxes independently and diligently will be the responsibility of accountants this coming year.

COBRA Subsidies

ARPA offers significant benefits to employees. Under past tax codes, if an employee leaves a company, they can continue receiving their health insurance for up to 18 months. COBRA provides this perk to employees so that they can maintain their insurance until they receive another job.

However, a downside of COBRA is that there’s an administrative fee attached.

ARPA alleviates this administrative fee burden on the taxpayer by covering 100% of the fee for premiums between April 1 – September 30 of 2021.

A few key notes about COBRA changes:

  • Payroll tax credit helps employers recuperate these added costs
  • Anyone who qualifies for the subsidies will receive it 100% tax-free

Accountants and their firms will have to pay special attention to these changes when filing 2021 taxes. Of course, there’s also the chance that taxes will rise before the end of 2021, but time is running out for Washington to enact these changes this year.

Due Dates for the 2022 Calendar Year

When every new calendar year approaches, it’s time to sit down and learn about due dates. When are corporate taxes due? What forms need to be filed to extend due dates? What due date changes have taken place?

All of this information must be considered.

As a general outline, the following deadlines exist for the 2022 calendar year:

  • March 1: Form 1096 and 1099
  • March 15: 1120 series and 1065 Partnership
  • March 31: E-file of Form 1096 and 1099
  • April 15: Form 1040, Q1 payments, FinCen 114, FBAR, and C Corp forms
  • June 15: Q2 tax payments, expat individual returns
  • August 2: 5500 series forms
  • September 15: 1065 extension forms, Q3 tax payments
  • October 15: Extension forms 1040, 1120, FinCen 114, and FBAR 
  • November 15: 5500 series forms

2022 Tax Return Due Dates for Fiscal Year Filers

Fiscal year tax return due dates are important to note and any business owner working with an accountant should have these individuals handle tax deadlines for them. However, knowing the tax return dates is crucial for any business owner.

The most important due dates for fiscal year tax filers are:

  • Partnerships
    • Form 1065 must be filed on the 15th day in the third month after the tax year. Partners can file Form 7004 to ask for a six-month extension when filing Form 1065. 
  • Corporations and S Corps
    • Form 1120 / Form 7005 must be filed on the 15th of the fourth month after the corporation’s tax year. However, any corporations that have their fiscal tax year end on June 30 will need to file on the 15th day of the third month.
    • Form 7004 may be filed to request an extension to file Form 1120. The extension will be six months with one extension. If the corporation has a fiscal year that ends on or before June 30, the extension will last seven months.
    • Form 1120-S is designed for S Corporations and must be filed on the 15th day of the third month after the end of the tax year. A six-month extension may be granted using Form 7004.

Estimated taxes must be filed on the 15th day of the following months in the corporation’s tax year:

  • 4th
  • 6th
  • 9th
  • 12th

Finally, if a corporation wants to elect as an S corporation, it’s crucial to file no more than two months and 15 days after the tax year begins.

Reminder for Individual 2022 Tax Return Due Dates 

Tax return due dates and deadlines may change. While April 15th is the standard deadline for individual tax filers, these dates may change under extreme circumstances. Anyone filing an individual tax return should consult with the IRS to ensure that they meet all tax deadlines and due dates.

Individuals should work with the following professionals to have their tax returns reviewed:

Recommendations for Accounting Firm Owners

Corporate tax return due dates are always a busy time of year for accounting firm owners. With the coming tax season, it’s more important than ever to:

  • Call or email clients about tax changes
  • Send letters to clients alerting them to changes

Additionally, you’ll want to remind clients of the tax information you’ll need this year to fully submit their tax returns by the respective due dates.

Furthermore, take the time to discuss tax strategies with clients so that everyone is on the same page.

Final Thoughts

Tax deadlines will be at the forefront of businesses’ and individuals’ minds once the calendar year flips to 2022. Therefore, it’s crucial that you take this time to learn about the 2022 tax deadlines and any potential changes that will take place.

Also, some of the changes under ARPA will need to be considered to save people more money on their returns.

Lisa Chaud

Lisa is a marketer at TaxDome. As someone who strives to provide the TaxDome community with the freshest data, she dives deep when conducting market research for accounting and bookkeeping industries. Her enthusiasm for all things accounting is matched only by her dedication to leading a physically active lifestyle that includes dancing and running.

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