IRS Offering Tax Relief For Storm Victims

The Internal Revenue Service reminds people in storm affected areas there are potential extensions on certain deadlines.

The complete story below from an IRS release posted by KTLO:

Tax relief is available for individuals and businesses affected by severe storms, straight-line winds, tornadoes and flooding that occurred in late May. According to the Internal Revenue Service, various taxpayers in Baxter, Marion, Fulton and Boone counties and other portions of Arkansas have until Nov. 1 to file various federal individual and business tax returns and make tax payments following a disaster declaration from the Federal Emergency Management Agency.

The IRS states the declaration permits the service to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after May 24 and before Nov. 1 are granted additional time to file through Nov. 1. As a result, affected individuals and businesses will have until Nov. 1 to file returns and pay any taxes originally due during this period.

According to the IRS, the November deadline also applies to the quarterly estimated tax payments due on June 17 and Sept. 16 and the quarterly payroll and excise tax returns normally due on July 31 and Oct. 31. In addition, penalties on payroll and excise tax deposits due on or after May 24 and before June 10 will be abated as long as the tax deposits were made by June 10.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original filing, payment or deposit due date falling within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

To determine the filing and payment due date, go online to IRS.gov/DisasterTaxRelief or scan the QR code below to locate the specific state and county by disaster area. In addition to Baxter, Marion, Fulton and Boone counties, the relief includes those with residences and businesses in Sharp, Carroll, Madison, Benton, Randolph, Greene and Nevada counties.