A quick note about the April 15, 2022 tax deadline: While the official IRS deadline is April 18, 2022, due to a holiday in Washington, DC on April 15, 2022, we have established an internal deadline of Friday, April 15, 2022, to file all tax returns or extensions so that our staff may spend this weekend with their families celebrating the start of Passover, Good Friday and Easter Sunday. Please provide us your tax documents as timely as possible so that we can meet this deadline or request to file an extension.
2018 Unclaimed Refunds
There is a three-year opportunity window to claim refunds, this year being the last year to claim. The refund will become property of the U.S. Treasury if the return is not filed within three years.
Filing an Extension
Taxpayers who file an extension still need to pay estimated taxes before the deadline. The extension request must be filed by the April 15th due date. An extension will give taxpayers until October 17th to submit their tax return.
IRA Contribution Deadline
The IRA contribution deadline is usually the same day as the tax deadline. If you are under 50, the contribution limit is $6,000. The contributions made before April 15th can apply for the 2021 tax year. As of Jan. 1, 2022, you can also make contributions toward your 2022 tax year limit until Tax Day in 2023.
This year there is a virtual currency question at the top of Form 1040, Form 1040-SR and Form 1040-NR. It asks: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Our clients are responsible for informing our team if the answer to this question should be yes. Buying and holding cryptocurrency does not constitute a taxable event, but it does make the answer to the question yes. Most cryptocurrency “wallets” do not issue a traditional 1099 or other documents to report your activity, so taxpayers must be diligent in tracking these activities for proper reporting.