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IRS: Hurricane Ian victims in Florida qualify for tax reduction


IRS: Hurricane Ian victims in Florida qualify for tax reduction; Oct. 17 deadline, different dates prolonged to Feb. 15

WASHINGTON — Hurricane Ian victims all through Florida now have till Feb. 15, 2023, to file numerous federal particular person and enterprise tax returns and make tax funds, the Inner Income Service introduced at the moment.

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

The tax reduction postpones numerous tax submitting and cost deadlines that occurred beginning on Sept. 23, 2022. Consequently, affected people and companies can have till Feb. 15, 2023, to file returns and pay any taxes that had been initially due throughout this era.

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

The Feb. 15, 2023, deadline additionally applies to quarterly estimated earnings tax funds due on Jan. 17, 2023, and the quarterly payroll and excise tax returns usually due on Oct. 31, 2022, and Jan. 31, 2023. Companies with an unique or prolonged due date even have the extra time together with, amongst others, calendar-year companies whose 2021 extensions run out on Oct. 17, 2022. Equally, tax-exempt organizations even have the extra time, together with for 2021 calendar-year returns with extensions as a consequence of run out on Nov. 15, 2022.

As well as, penalties on payroll and excise tax deposits due on or after Sept. 23, 2022, and earlier than Oct. 10, 2022, will likely be abated so long as the deposits are made by Oct. 10, 2022.

The IRS catastrophe reduction web page has particulars on different returns, funds and tax-related actions qualifying for the extra time.

The IRS mechanically gives submitting and penalty reduction to any taxpayer with an IRS tackle of file positioned within the catastrophe space. Due to this fact, taxpayers don’t have to contact the company to get this reduction. Nonetheless, if an affected taxpayer receives a late submitting or late cost penalty discover from the IRS that has an unique or prolonged submitting, cost or deposit due date falling inside 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 crucial to fulfill a deadline occurring in the course of the postponement interval are positioned within the affected space. Taxpayers qualifying for reduction who stay exterior the catastrophe space have to contact the IRS at 866-562-5227. This additionally consists of employees 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 say 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). You’ll want to 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 harm brought on by Hurricane Ian and relies on native harm assessments by FEMA. For info on catastrophe restoration, go to disasterassistance.gov.




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