Updated Guidance and Resources from the IRS

Reminder for Farming Businesses: March 1 Tax Deadline 

The IRS reminds those with income from a farming or fishing business to file and pay their entire tax due on or before Tuesday, March 1, 2022, if they did not make estimated tax payments.  Click here.

IRS Launches New Resource Webpage with Latest Details and Information about 2022 Filing Season

There’s a special, new IRS.gov webpage for taxpayers and payroll professionals that provides the latest details and information affecting the 2022 filing season. The page also addresses ongoing efforts by the agency regarding the inventory of previously filed tax returns.  Click here. 

Additional Relief for Certain Partnerships Preparing Schedules K-2 and K-3 for 2021

The IRS provided further details on the additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.  Click here.

The Work Opportunity Tax Credit benefits employers

A new video, The Work Opportunity Tax Credit Benefits Employers, outlines the benefits of this credit, and is now available for viewing on the IRSvideos YouTube channel. Click here.

Other Tax News:  Scams

The following information may be of interest to individuals and groups in or related to small businesses:

  • Scammers work year-round – stay vigilant. Click here.
  • Latest spear-phishing scams target tax professionals. Click here.