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Message from the Internal Revenue Service Newsroom

Message from the Internal Revenue Service Newsroom

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by: SugarLandDotCom Active Indicator LED Icon 8 Site Admin  OP 
~ 3 years, 1 mo ago   Feb 23, '21 10:47am  
Message from the Internal Revenue Service Newsroom
 
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Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
 
Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page here www.irs.gov/business es/small-businesses- self-employed/disast er-assistance-a
 
The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.
 
The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.
 
In addition, penalties on payroll and excise tax deposits due on or after February 11 and before February 26 will be abated as long as the deposits are made by February 26.
 
The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.
 
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
 
In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
 
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number – 4586 − on any return claiming a loss. See Publication 547 for details.
 
The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit www.disasterassistan ce.gov/
 
www.irs.gov/newsroom
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liater Active Indicator LED Icon 8
~ 3 years, 1 mo ago   Feb 23, '21 1:39pm  
@SugarLandDotCom : That's a relief, thanks!
 
And need to be careful with the deduction calculation as the loss is reduced by 20% of Adjusted Gross Income...
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Jnainani Active Indicator LED Icon 7
~ 3 years, 1 mo ago   Feb 23, '21 2:02pm  
This is fantastic news for my family. Thanks for posting.
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