Current Important Topics
2022 IRS Tax Form Changes Identified
We have identified and summarized the changes that we can expect for the 2022-year tax forms.
|Form||Name of Form||Description of Changes|
|1098||Mortgage Interest||Has been converted to a “continuous use” form, with a revision date.|
|1099-A||Abandonment of Secured Property||Has been converted to a “continuous use” form, with a revision date.|
|1099-C||Cancellation of Debt||
|1099-DIV||Dividends & Distributions||
|1099-K||Payment Cards||Has been converted to a “continuous use” form, with a revision date.|
|1099-S||Proceeds from RE Transactions||Has been converted to a “continuous use” form, with a revision date.|
The forms that will see no changes for the tax year 2022 are: 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’s.
Reference: IRS Information Return Forms for tax year 2022.
Incentivizing Small Business Retirement Savings Act / S. 4153
05/05/22 – Introduced in the Senate by John W. Hickenlooper
- Help cope with costs for retirement plans by providing a tax credit for the first 5 years
- Provide that the tax credit would apply for businesses with less than 50 employees
Financial Freedom Act / S.4147
05/05/22 – Introduced in the Senate by Tommy Tuberville
- 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
- Preserve the ability of retirement savers to invest their 401(k) funds as they see fit. (This would include investments in cryptocurrency.)