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Hurricane Ian Victims in Florida Qualify for Tax Reduction; Oct. 17 Deadline, Different Dates Prolonged to Feb. 15

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This text is posted with permission from our accomplice IRS and initially appeared on the IRS weblog at: https://www.irs.gov/newsroom/irs-hurricane-ian-victims-in-florida-qualify-for-tax-relief-oct-17-deadline-other-dates-extended-to-feb-15

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WASHINGTON — Hurricane Ian victims all through Florida now have till February 15, 2023, to file varied federal particular person and enterprise tax returns and make tax funds, the Inside Income Service introduced as we speak.

The IRS is providing reduction to any space designated by the Federal Emergency Administration Company (FEMA). Because of this people and households that reside or have a enterprise anyplace within the state of Florida qualify for tax reduction. The present listing of eligible localities is at all times accessible on the catastrophe reduction web page on IRS.gov.

The tax reduction postpones varied tax submitting and fee deadlines that occurred beginning on September 23, 2022. Consequently, affected people and companies may have till February 15, 2023, to file returns and pay any taxes that have been initially due throughout this era.

This implies people who had a legitimate extension to file their 2021 return attributable to run out on October 17, 2022, will now have till February 15, 2023, to file. The IRS famous, nonetheless, that as a result of tax funds associated to those 2021 returns have been due on April 18, 2022, these funds aren’t eligible for this reduction.

The February 15, 2023, deadline additionally applies to quarterly estimated revenue tax funds due on January 17, 2023, and the quarterly payroll and excise tax returns usually due on October 31, 2022, and January 31, 2023. Companies with an authentic or prolonged due date even have the extra time together with, amongst others, calendar-year firms whose 2021 extensions run out on October 17, 2022. Equally, tax-exempt organizations even have the extra time, together with for 2021 calendar-year returns with extensions attributable to run out on November 15, 2022.

As well as, penalties on payroll and excise tax deposits due on or after September 23, 2022, and earlier than October 11, 2022, will probably be abated so long as the deposits are made by October 11, 2022.

The Catastrophe Help and Emergency Reduction for People and Companies web page has particulars on different returns, funds and tax-related actions qualifying for the extra time.

The IRS routinely supplies submitting and penalty reduction to any taxpayer with an IRS handle of document situated within the catastrophe space. Subsequently, taxpayers don’t have to contact the company to get this reduction. Nevertheless, if an affected taxpayer receives a late submitting or late fee penalty discover from the IRS that has an authentic or prolonged submitting, fee or deposit due date falling throughout the postponement interval, the taxpayer ought to name the quantity on the discover to have the penalty abated.

As well as, the IRS will work with any taxpayer who lives exterior the catastrophe space however whose data essential to satisfy a deadline occurring in the course of the postponement interval are situated within the affected space. Taxpayers qualifying for reduction who reside exterior the catastrophe space have to contact the IRS at 866-562-5227. This additionally consists of staff helping the reduction actions who’re affiliated with a acknowledged authorities or philanthropic group.

People and companies in a federally declared catastrophe space who suffered uninsured or unreimbursed disaster-related losses can select to assert them on both the return for the yr the loss occurred (on this occasion, the 2022 return usually filed subsequent yr), or the return for the prior yr (2021). Make sure you write the FEMA declaration quantity – DR-4673-FL − on any return claiming a loss. See Publication 547 for particulars.

The tax reduction is a part of a coordinated federal response to the injury brought on by Hurricane Ian and relies on native injury assessments by FEMA. For info on catastrophe restoration, go to DisasterAssistance.gov.

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