2022 Tax-Filing Season Begins Jan 24

The Internal Revenue Service (IRS) has announced that taxpayers can begin filing their 2021 tax returns on Monday, January 24, 2022

The Jan. 24 tax-filing start date for 2022 is 19 days earlier than 2021’s start date of Feb. 12.

At the same time, the IRS warns that the upcoming filing season could be frustrating for taxpayers and tax preparers alike due to pandemic-related delays, a backlog of unprocessed returns from 2021, and years of budget cuts that have made the agency’s job more difficult.

KEY TAKEAWAYS

  • Taxpayers can begin filing 2021 tax returns Monday, Jan. 24, 2022, 21 days earlier than last year.
  • The IRS has warned there could be delays in issuing refunds in 2022 due to issues related to the pandemic, budget cuts, and unprocessed returns from 2021.
  • The tax agency cautions taxpayers to file as early as possible after Jan. 24 and to make sure they have their paperwork in order.
  • The IRS suggests taxpayers look for help online and use phone lines only if necessary.
  • The agency says if you file electronically, choose direct deposit, and, assuming there are no issues with your return, you should get your refund within 21 days.

To avoid processing delays and speed refunds, the IRS urges people to follow these steps.

  • Gather your 2021 tax records including Social Security number, Individual Taxpayer Identification Number, Adoption Taxpayer Identification Number, and this year’s Identity Protection Personal Identification Number for calendar year 2022.
  • Check IRS.gov for the latest tax information, including the latest on how to reconcile advance payments of the Child Tax Credit or claim a Recovery Rebate Credit for missing stimulus payments.
  • Make sure you report correct amounts for any Economic Impact Payments or advance Child Tax Credits received in 2021.
  • If you need help, use online resources such as MKG Tax Consultants registered return tax preparer Tax Filing Mobile App instead of calling. Calling the IRS should be a last resort.
  • Even if you are not normally required to file a tax return, you need to do so in order to claim a Recovery Rebate Credit, to receive a tax credit from 2021 stimulus payments, or to reconcile advance Child Tax Credit payments.
  • File electronically and request direct deposit.

If you request an extension to file by April 18 (or 19), you have until Monday, October 17, 2022, to submit your 2021 tax return. You must pay your estimated taxes, however, by the regular tax filing deadline of April 18 (or 19)

Things That May Delay Your Refund

Even though you can file your tax return as soon as Jan. 24, 2022, by law the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The purpose of the law is to prevent fraudulent refunds from being issued.

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Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More

If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS.

The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact business owners using third-party payment network providers. The IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal to ensure those using the third-party payment networks are paying their fair share of taxes.

Previously, the IRS only required third-party payment networks to report payments that met both of the following reporting requirements:

  • Gross payments that exceed $20,000, AND
  • More than 200 transactions within the current year.

Beginning Jan. 1, 2022, third-party payment networks will be required to send users Form 1099-K for transactions made by mail or electronically. This means you don’t have to worry just yet: The new tax reporting requirement will impact your 2022 tax return filed in 2023.

Here’s how the new tax reporting will work.

Your New 1099-K Tax Reporting Requirements

Starting Jan. 1, 2022, You will receive Form 1099-K from third-party network providers for income received through electronic forms of payments by Jan. 31 of the following year.

In the near future, companies like PayPal, Zelle or Cash App may request additional information from you to properly report your transactions on your Form 1099-K. You may be asked to provide your Employer Identification Number (EIN), Individual Tax Identification Number (ITIN) or Social Security Number (SSN) if this information is not on file.

Your Form 1099-K will include payments from credit cards and online payments. You are required to report any income listed on your Form 1099-K from your taxable transactions on your income tax return.

Will Venmo, Cash App and Zelle Users Have to Pay a New Tax?

For Venmo, Cash App and other users, this may sound like a new tax—but it’s merely a tax reporting change to the existing tax law.

Form 1099-K is a tax form sent to users that may include both taxable and nontaxable income sources. A taxable source of income is included in your income, such as wages, rents, tips, and retirement income. Whereas a nontaxable source is excluded from your income and you will not need to report on your tax return.

Some examples of nontaxable income are:

  • Money received from a friend as a reimbursement
  • Money received from a roommate to pay their share of the rent
  • Money received from a loved one as a gift

Also, if you receive money from selling a personal item at a loss, you are not required to report the amount on your tax return. For example, if you purchased a dress for $100 and sold it for $50, the amount is not taxable.

But while the new law does not create a new tax, you must keep good records of any taxable income received.

How to Keep Good Records for Tax Reporting

Since your Form 1099-K may include both taxable and nontaxable income, keeping good records is essential. You want to select a recordkeeping system that clearly reflects your income.

You should maintain records such as bank statements, receipts, invoices and other financial documents to reflect taxable income. You can consider saving your records either in electronic form or manually.

If you are a business owner, it is a good idea to set up a third-party network platform, such as Cash App, Zelle, or Venmo, separately for both your business and personal transactions. This way, you can easily track business transactions.

Also, keeping good records can be beneficial to prove both taxable and nontaxable income sources if the IRS audits your tax return.

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MKG Enterprises Corp Financial Services is a diversified consumer finance company and licensed auto dealer. Our company provides virtual tax consultancy, innovative tax refund financial products that can reduce consumer debt; achieve financial security and independence through the use of best-in-class financial products that protects against loss, increase income and safeguards assets.

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As people continue to struggle with access to affordable credit and income tax returns, given the recent changes in the tax laws with the enactment of The PATH ACT and the Global Coronavirus PandemicAfrican-American entrepreneur, Marshawn Govan, developer of Innovative Finance Tax Advance Mobile Payments “Fin-TAMP,” created a loan app tailored to the Black and Latino community to revolutionize the tax industry in response to the novel coronavirus pandemic–banks were not lending to people of color who were struggling with access to capital even before the pandemic.

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CDFI’s Community Development Financial Institutions (“CDFIs”) who have led the charge in making these investments in America’s poorest and most underserved neighborhoods since the early 1970s

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To support low-income communities our ESG environmental, social, corporate governance is to expand economic opportunity for underserved people and communities by supporting the growth and capacity providing access to capital to disadvantaged consumers, upward mobility and community development ventures, increase jobs, and build sustainable communities by offering flexible financial products and advisory services.

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The Credit Problem

Online lenders make consumer loans easier to access but often with high-interest rates and impractical repayment plans. These risky lenders may also use linked bank accounts to collect repayment of loans and extract daily payments. And since the lender is not attached to the success of the borrower they typically won’t offer flexible terms of repayment. Some borrowers get to a place where every dollar of revenue is committed to repaying the principal and interest on a loan, trapping their business in a cycle of debt that’s almost impossible to escape.

Plus, borrowers who can pay off the loan in full are often discouraged from doing so by pre-payment penalties that serve to increase the borrower’s debt and the online lender’s profits. If the borrower can’t pay back a loan, lenders have obtained judgments and seized assets sometimes worth more than the loan itself. The borrower is then forced to declare bankruptcy.

Invest in world changing organizations, Invest in companies you believe in. Restoring the American dream in which all people and communities have access to the investment capital and financial services they need to prosper.