News You Need to Know

Beat the extended filing deadline Oct 17, 2022.

If you have filed an extension on you 2021 taxes, you have until Oct 17 to file.  Don't wait until the last minute to file those extended returns.  

A few tips to remember before hitting the tax desk:

1. File your return electronically.

2. Select direct deposit for your refund.

3. Ask for help prior to hitting the tax desk.

4. Utilize the payment options such as direct debit and credit card payments, if you have a balance due for State and Federal.

5. Ask your preparer to explain to you, your options.

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Form 1099-INT: (Don't forget the interest) Taxpayers should report interest from unemployment refunds, other IRS payments as 2021 income. The IRS reminded taxpayers who received an interest payment for a tax-related issue in 2021 need to report it as income on their tax return.

Under the law, interest income is taxable, and that includes payments from the IRS. During 2021, several groups of people could fall into this category. This includes people who received interest payments related to IRS refunds of taxes paid on unemployment income or people who received interest on a tax refund. Normally, the IRS is required to pay interest on a refund if the refund is issued after a statutory 45-day period.

The IRS is sending a Form 1099-INT to anyone who receives interest totaling at least $10. The IRS reminds people to watch their mail for Forms 1099, not just from the IRS and other payers. Due to IRS mailing issues and other factors, taxpayers may continue to see these arrive in the mail through February.