Reminder for farming and fishing businesses: March 1 tax deadline

Issue Number: 2022-03

Inside This Issue

1.  Reminder for farming and fishing 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.

2. Important filing season information

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.

IRS suspends mailing of additional letters

As part of ongoing efforts to provide help for people during this period, the IRS suspended more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.

Tax time guides

Make IRS.gov the first stop for tax help
American Rescue Plan changes can boost refunds for many families; people should file even if they haven’t for years
Important considerations before filing a 2021 tax return

Updated FAQs

Help for taxpayers preparing 2021 returns
Higher Education Emergency Grants
2020 Recovery Rebate Credit tracing payments
2021 Child Tax Credit and Advance Child Tax Credit Payments
2021 Recovery Rebate Credit updates and additional updates

IRS Taxpayer Assistance Centers open on special Saturdays for face-to-face help

As part of the ongoing efforts to help people during this year’s filing season, the IRS also announced special Saturday hours at many Taxpayer Assistance Centers across the country.

Avoid penalty and interest charges, pay taxes by April 18 deadline

To avoid interest and penalty charges don’t be late. Taxpayers should file their tax return and pay the amount due by April 18, 2022. The video Avoiding Interest and Penalty Charges provides more details.

3. 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.

4. The Work Opportunity Tax Credit benefits employers

This new video, The Work Opportunity Tax Credit Benefits Employers, outlines the benefits of this credit, andis now available for viewing on the IRSvideos YouTube channel.

5. A Closer Look at the Earned Income Tax Credit

The most recent issue of A Closer Look features Refundable Credits Program Management Director Gwen Garren, who provides an overview of the Earned Income Tax Credit (EITC) and its recent changes. “The EITC has been benefitting low- and moderate-income workers for 46 years, and many working families receive more money through EITC than they pay in federal income tax,” said Garren. “It gives us a great feeling to know our hard work results in people getting the money they are eligible for, and we’re committed to getting the job done as quickly as we can, even with current constraints related to the pandemic.”

6.  Other tax news

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

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