Individualized Systems

Quarterly Estimated Tax Payments & Overseas Filing Deadlines - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is June 15th, 2022.

If you are a U.S Citizen or Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is also on June 15th.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

IRS Issues Answers to FAQ About 2021 Child Tax Credit (3/3)

Q: What happens if two different taxpayers claimed the CTC for the same qualifying child?

A: In some cases, a child meets all the IRS tests to be a qualifying child for multiple taxpayers. Generally, however, only one taxpayer may claim the child for the CTC. As a result, the IRS may reject a return because the taxpayer claimed the CTC for a child already listed on a return filed earlier by someone else. If this situation arises with your return, you will need to submit a paper return instead of filing electronically. You will then receive an IRS notice detailing next steps, so that IRS personnel can determine which taxpayer may actually claim the credit.

IRS Issues Answers to FAQs About 2021 Child Tax Credit (1/3)

The maximum credit amounts and income limits for the Child Tax Credit differed in 2021 from other years. In addition, many taxpayers received advance CTC payments, and had to reconcile these payments with their actual credit amount on their 2021 tax returns. The IRS recently provided information to help taxpayers who still have questions about their 2021 CTC.

Q: I filed my return electronically but made a mistake reconciling my CTC. What should I do?

A: Wait to hear from the IRS, and understand that the processing of your return may be delayed. DO NOT file an amended return. In most cases, IRS personnel will simply correct your CTC amount and adjust your refund amount or amount of tax you owe accordingly. You will receive an official IRS notice by mail that explains the change.

Possible Reasons for 2021 IRS Tax Refund Delays

Most taxpayers who file their returns electronically and request direct deposit generally receive their IRS refunds within 21 days. However, a variety of factors can result in longer return processing times. The IRS recently reminded taxpayers of the most common causes of tax refund delays, including:

- The return was mailed on paper instead of filed electronically. Filing a paper return typically doubles the expected wait time for a refund.
- The IRS needs more information to process the return. In this case, you will generally receive an IRS letter requesting the information.
- The return did not include banking information for direct deposit, so the IRS must mail a paper check.
- The return includes a request for an Injured Spouse refund allocation.

The IRS cannot provide information about refund status until at least 21 days after a return was electronically filed, or six weeks after a paper return was mailed.

IRS Where's My Refund Tool: https://www.irs.gov/refunds.

Filing Extensions and Minimizing Penalties – Did You Know?

Taxpayers who request an automatic extension to file their 2021 federal income tax returns may file anytime up until October 17th, 2022. Remember, however, that an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 18th payment deadline may be subject to late penalties and interest charges.

Electronic payments may be made using the IRS online payment portal (link below). The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.

You should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.

IRS Online Payment Portal: https://www.irs.gov/payments