Thousands of Americans get SECOND tax extension – will they avoid paying penalties?

KENTUCKY taxpayers now have until November 15 to file tax returns and make tax payments.

This is the second tax extension this year as the first is in October fifteen.

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But the second deadline applies only to storm victims in certain parts of Kentucky, according to a statement from the International Revenue Service (IRS).

This postpones tax returns and payment deadlines that have occurred from July 26, 2022.

According to the IRS, tax payments related to 2021 tax returns due on April 18, 2022 are not eligible for renewal.

The new November 15, 2022 deadline also applies to quarterly estimated income tax payments due on September 15, 2022.

Plus the quarterly payroll and consumption tax returns, which are normally due on August 1st and October 31st, 2022.

Corporations with an original or extended maturity date also have the additional time, including: calendar year partnerships and S corporations whose 2021 renewals expire on September 15, 2022, and calendar year corporations whose 2021 renewals expire on October 17, 2022.

The statement also mentions penalties for payroll and excise deposits due on or after July 26 and before August 10, where deposits are paid by August 10, 2022.

Which taxpayers get the extension?

Residents in areas determined by the Federal Emergency Management Agency (FEMA) to qualify for individual or public assistance will receive the extension.

Taxpayers who reside or have a corporation in the following Kentucky counties are eligible for tax relief:

• breathing
• volume
• floyd
• Johnson
• node
• Leslie
• letcher
• Magoffin
• Martin
• ohsley
• perry
• pike
• wolves

The same relief will be available for any other location later added by FEMA.

The current list of eligible locations is on the Disaster Relief page on IRS.gov.

For more information on qualifications and other tax-related concerns, visit the Disaster Relief and Emergency Relief for Individuals and Businesses page.

Ways to make filing easier

If you’re one of those residents who can get the new extension due to the storm, you might want to follow a few helpful steps.

The IRS has issued tips on how to make your tax return a little less stressful.

Here are some important tips and takeaways:

• Gather all necessary records – W-2s, 1099s, receipts, canceled checks, and other documents that prove an income or a deduction or credit that will appear on a tax return
• Create a system that keeps all important information together, including a software program for electronic records or an archive for paper documents in labeled folders
• Gather All Year-End Income Documents – Form 1099-MISC, Other Income; Form 1099-INT, Interest Income; Form 1099-NEC, Non-Employee Compensation; Form 1099-G, certain government payments, such as unemployment benefits or government tax refunds; and Form 1095-A, Health Insurance Market Statements
• Make sure you have all 2021 tax information before submitting to avoid a processing delay that could slow down a tax refund

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