{"id":1340,"date":"2022-06-14T11:25:40","date_gmt":"2022-06-14T17:25:40","guid":{"rendered":"https:\/\/avalaunchsites.com\/bma\/?p=1340"},"modified":"2022-07-01T11:01:21","modified_gmt":"2022-07-01T17:01:21","slug":"2022-irs-tax-form-changes-june-2022","status":"publish","type":"post","link":"https:\/\/avalaunchsites.com\/bma\/2022\/06\/2022-irs-tax-form-changes-june-2022\/","title":{"rendered":"2022 IRS Tax Form Changes \u2013 June 2022"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][nectar_gradient_text heading_tag=”h2″ color=”extra-color-gradient-2″ gradient_direction=”diagonal” text=”Current Important Topics”][vc_column_text css=”.vc_custom_1656354360649{padding-bottom: 0px !important;}”]\n

2022 IRS Tax Form Changes Identified<\/h3>\n

We have identified and summarized the changes that we can expect for the 2022-year tax forms.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Form<\/th>\nName of Form<\/th>\nDescription of Changes<\/th>\n<\/tr>\n<\/thead>\n
1098<\/td>\nMortgage Interest<\/td>\nHas been converted to a “continuous use” form, with a revision date.<\/td>\n<\/tr>\n
1099-A<\/td>\nAbandonment of Secured Property<\/td>\nHas been converted to a “continuous use” form, with a revision date.<\/td>\n<\/tr>\n
1099-C<\/td>\nCancellation of Debt<\/td>\n\n
    \n
  1. OMB Changes:\n
      \n
    • 2021 OMB No. – 1545-1424<\/li>\n
    • 2022 OMB No. – 1545-2281<\/li>\n<\/ul>\n<\/li>\n
    • Has also been converted to a “continuous use” form with a revision date.<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
1099-DIV<\/td>\nDividends & Distributions<\/td>\n\n
    \n
  1. Has been converted to a “continuous use” form, with a revision date.<\/li>\n
  2. FATCA Filing Requirement (Unnumbered Box) is now Box 11, Exempt Dividends is now Box 12, Specified Private Box is now Box 13, State is now Box 14, State ID No. is now Box 15, State Tax Withheld is now Box 16.<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
1099-INT<\/td>\nInterest Income<\/td>\n\n
    \n
  1. Box 3; Savings Bonds Caption wording changed from “Treas.” to “Treasury”.<\/li>\n
  2. Has also been converted to a “continuous use” form with a revision date.<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
1099-K<\/td>\nPayment Cards<\/td>\nHas been converted to a “continuous use” form, with a revision date.<\/td>\n<\/tr>\n
1099-MISC<\/td>\nMisc. Information<\/td>\n\n
    \n
  1. Has been converted to a “continuous use” form, with a revision date.<\/li>\n
  2. Account Number (Unnumbered Box) has been moved to a different location, FATCA Filing Requirement (Unnumbered Box) is now Box 13, Excess Golden Parachute is now Box 14, Nonqualified is now Box 15, State Withheld is now Box 16, State\/Payer No. is now Box 17, State Income is now Box 18.<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
1099-S<\/td>\nProceeds from RE Transactions<\/td>\nHas been converted to a “continuous use” form, with a revision date.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The forms that will see no changes for the tax year 2022 are:<\/strong><\/span><\/em> 1042-S, 1098-E, 1098-T, 1099-B, 1099-OID, 1099-Q, 1099-Q4, 1099-R, 1099-SA, 5498, 5498-ESA, 5498-QA, 5498-SA-HSA, & W-2\u2019s.<\/p>\n

Reference: IRS Information Return Forms for tax year 2022.<\/em>[\/vc_column_text][divider line_type=”No Line” custom_height=”50px”][nectar_gradient_text heading_tag=”h2″ color=”extra-color-gradient-2″ gradient_direction=”diagonal” text=”Emerging Issues”][vc_column_text css=”.vc_custom_1656354249511{padding-bottom: 0px !important;}”]\n

Incentivizing Small Business Retirement Savings Act \/ S. 4153<\/h3>\n

05\/05\/22 – Introduced in the Senate by John W. Hickenlooper<\/h4>\n

Key Provisions:<\/strong><\/p>\n

    \n
  • Help cope with costs for retirement plans by providing a tax credit for the first 5 years<\/li>\n
  • Provide that the tax credit would apply for businesses with less than 50 employees<\/li>\n<\/ul>\n

    Financial Freedom Act \/ S.4147<\/h3>\n

    05\/05\/22 \u2013 Introduced in the Senate by Tommy Tuberville<\/h4>\n

    Key Provisions:<\/strong><\/p>\n

      \n
    • Prohibit the US Department of Labor from issuing a regulation or guidance to limit the types of self-directed 401(k) investments through a brokerage window<\/li>\n
    • Preserve the ability of retirement savers to invest their 401(k) funds as they see fit. (This would include investments in cryptocurrency.)<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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