News For You Week Ahead: April 1, 2022

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us again and will discuss how to manage files within Microsoft Teams. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline | IR-2022-73

The IRS reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website for further information.

Filers missing the April deadlines will receive an automatic extension until Oct. 15, 2022, to file the FBAR. They don’t need to request an extension. See FinCEN’s website for further information.

For more information, click here.

Letters About Third-Round of Economic Impact Payments Issued; Important Steps to Take for Missing Payments and Corrections | IR-2022-72

With the completion of special mailings of i all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit.

Through Dec. 31, 2021, the IRS issued more than 175 million third-round payments totaling over $400 billion to individuals and families across the country. Most of the third-round payments were issued in the spring and early summer of 2021. The IRS continued to send plus-up payments through December if, after their 2020 tax return was processed last year, the taxpayer was eligible for additional amounts.

For more information, click here.

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022; Limit $250 for Thoe Filing 2021 Tax Returns | IR-2022-70

The IRS reminded teachers and other educators planning ahead for 2022 that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year.

This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments.

For more information, click here.

Debunking Myths About Federal Tax Refunds | Tax Tip 2022-49

Once taxpayers file their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.

Myth: Calling the IRS, tax software provider, or a tax professional will provide a more accurate refund date Many people think talking to the IRS, tax software provider or their tax professional is the best way to find out when they will get their refund. The best way to check the status of a refund is online through the Where’s My Refund? tool or the IRS2Go app.

For more information, click here.