What You Need to Know About This Year’s Tax Season

This year’s tax filing deadline is just around the corner, and the IRS wants you to be aware of some changes that are specific to this year.

The filing deadline has been bumped to April 18

Although April 15 has been the historic filing deadline, this year’s deadline has been bumped to April 18 for most taxpayers. According to the IRS, “By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots’ Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.”

You can still file your 2021 return if your previous return hasn’t yet been processed

Lots of companies were impacted by the COVID-19 pandemic, and the IRS also faced its own set of challenges. If you’re among the millions of taxpayers who filed your 2020 returns on time, but that return still hasn’t been processed, you’re not alone.

“The IRS continues to reduce the inventory of prior-year individual tax returns that have not been fully processed,” the IRS notes. “Taxpayers generally will not need to wait for their 2020 return to be fully processed to file their 2021 tax returns and can file when they are ready.”

If you need to call the IRS, be prepared to spend a good chunk of time on hold

The IRS continues to encourage people to utilize online resources before they call in.  One taxpayer we spoke with said when he called the IRS during the last week of March, he spent roughly 5 hours on hold before speaking to a representative.

“Our phone volumes continue to remain at record-setting levels,” an IRS spokesperson said in a recent press release. “We urge people to check IRS.gov and establish an online account to help them access information more quickly. We have invested in developing new online capacities to make this a quick and easy way for taxpayers to get the information they need.”

Final thoughts

For more information about how this year’s tax filing season differs from years past and how these changes might impact your personal and/or business tax return, contact your local tax professional.