THOUSANDS of people affected by the deadly tornadoes in December will find some relief from the Internal Revenue Service (IRS).
The IRS allows taxpayers an extra month to file their 2021 federal tax returns.
The extension is being offered to people living in Illinois, Kentucky, and Tennessee.
The new application deadline has been extended to May 16, 2022.
This affects individual and business tax preparers.
This isn’t the first time the IRS has offered this expanded measure to people affected by a disaster.
According to the IRS, it provides similar relief to people in disaster areas designated by FEMA (Federal Emergency Management Agency).
The IRS says tax filing extensions are automatic and you don’t need to file.
Which states are being renewed?
Victim of December 2021 tornado in Illinois, Kentucky, and Tennessee are receiving tax filing extensions from the original April 18, 2022, set by the IRS.
Taxpayers in those states will have to file through May 16, 2022 to file personal and business tax returns, as well as make any tax payments.
Taxpayers do not need to contact the agency to receive this relief, but the IRS said if affected taxpayers receive a late filing or late filing penalty notice from the IRS with a filing due date, payment or the initial deposit or the extension is within the deferred period, the taxpayer should call the phone number on the notice to get a reduction in the fine.
Additionally, the IRS will work with any taxpayer who lives outside of the disaster area but whose records are located in the affected area.
Taxpayers eligible for relief living outside the disaster area should contact the IRS at 866-562-5227.
This also includes staff supporting relief operations affiliated with a government or recognized charity.
Important dates adjusted
For those living in states that received the extension from the IRS, the tax relief will defer various tax filing and filing deadlines that took place on December 10, 2021.
As a result, affected individuals and businesses will have until May 16, 2022 to file their taxes and pay any taxes originally due during this time.
This includes 2021 personal income tax returns due on April 18, as well as various 2021 tax returns that are normally due on March 15, 2022 and April 18, 2022.
Among other things, this means affected taxpayers will have until May 16, 2022 to contribute a 2021 IRA.
Additionally, farmers who choose to waive estimated tax payments and typically file returns by March 1, have until May 16, 2022 to file their 2021 returns and pay any taxes due.
The May 16 deadline also applies to estimated quarterly income tax payments due on January 18 and April 18.
This means individual taxpayers can skip paying their fourth quarter estimated tax, which is usually due on January 18, 2022, and instead include it on the 2021 return they file, on or before May 16.
Quarterly payroll and license tax returns, which are normally due on January 31 and May 2, 2022, are also due on May 16.
The IRS establishes a disaster relief page with details of returns and qualifying payments for additional periods.
Also, details if you can ask atstay ax work from home.
https://www.the-sun.com/money/4359113/irs-extends-deadline-file-taxes-2022-where/ IRS extends tax filing deadline to 2022 in some states