27 Aug IRS Support During Natural Disasters
Can 2020 get any worse?! After COVID-19 and murder hornets comes wildfires and hurricanes. This country is stronger together, and we get back up no matter how hard the punch. But, the last thing we want to worry about is filing taxes, or currently, filing them late.
Extension Deadline…Extension!
For residents of California impacted by wildfires, and residents of Iowa impacted by the derecho, the IRS has extended the October 15th extension filing deadline till December 15, 2020. Individuals and businesses will have until December 15, 2020, to file returns and pay any taxes that were originally due during this period. This means individuals who had a valid extension to file their 2019 return due to run out on October 15, 2020, will now have until December 15, 2020. Unfortunately, because tax payments related to these 2019 returns were due on July 15, 2020, those payments are not eligible for this relief.
The December 15, 2020 deadline also applies to quarterly estimated income tax payments due on September 15, 2020, and the quarterly payroll and excise tax returns normally due on October 31, 2020. It also applies to tax-exempt organizations, that had a valid extension due to run out on November 15, 2020. Penalties on payroll and excise tax deposits due after August 14 and before August 31, will be abated as long as the deposits are made by August 31, 2020. The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.
What do I have to do for this extended extension?
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. So, taxpayers you don’t need to contact the agency to get relief. However, if you receive 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, call the number on the notice to have the penalty abated.
Got anymore good news?
Yes, the IRS provided tips for what you can do to keep tax documents safe during a natural disaster. Read that here!
Tax Defense Ohio sends our thoughts and prayers to those impacted by Hurricane Laura and all those impacted by this summer’s weather events.
