The Internal Revenue Service (IRS) has announced that victims of the recent storms in Florida will have until August 15, 2023, to file various federal individual and business tax returns and make tax payments. This relief is being offered to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes, severe storms, and flooding that occurred from April 12 to 14, 2023. Currently, individuals and households that reside or have a business in Broward County qualify for tax relief.
The tax relief postpones various tax filing and payment deadlines that began on April 12, 2023, based on an April 27 FEMA disaster declaration. Affected individuals and businesses will now have until August 15, 2023, to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns and various business returns that were initially due on April 18. Taxpayers will receive the extra time even if they failed to request a tax-filing extension by April 18.
Eligible taxpayers will also have until August 15 to make 2022 contributions to their IRAs and health savings accounts. The extended deadline also applies to quarterly estimated tax payments, typically due on April 18 and June 15, and to quarterly payroll and excise tax returns normally due on May 1 and July 31, 2023.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area, so taxpayers do not need to contact the agency to receive this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS with an original or extended filing, payment, or deposit due date falling within the postponement period, they should call the number on the notice to have the penalty abated.
This tax relief is part of a federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For more information on disaster recovery, visit DisasterAssistance.gov. Small business owners affected by the Florida storms should take note of the extended deadlines and ensure they file their tax returns and make payments by August 15, 2023.
This article, "IRS Extends Tax Deadlines for Florida Storm Victims to August 15, 2023" was first published on Small Business Trends