Hurricane Ian was one of the most destructive hurricanes in recent history, impacting Florida and other states along the southern east coast heavily. In response to this disaster, the IRS is providing taxpayers with tax relief in the aftermath.
Here is an overview of what kind of relief the IRS offers, who it applies to, and most importantly how to obtain this relief.
Who is Included in Hurricane Ian Tax Relief?
The IRS is including all taxpayers whose primary residence is an address in the state of Florida. This also extends to businesses and sole proprietors whose principal place of business is located in Florida.
How is the Tax Relief Obtained?
These individuals do not need to reach out to the IRS to be eligible for tax relief, the IRS will provide this to all individuals with an address on file within the FEMA disaster area.
However, if individuals in the affected area receive penalty notices, they should reach out to the IRS as soon as possible so the penalty can be waived or reduced accordingly.
What does the Tax Relief Apply to?
The IRS is extending the deadline of any forms that have a regular deadline or are due between September 23, 2022, and February 15, 2023, these will be due on February 15, 2023.
Here are some examples of deadlines that will be postponed:
Taxpayers that filed an extension for their personal or business taxes back in April will have a deadline on October 15, 2022. With the IRS relief, this will now be postponed until February 15, 2023.
This applies to the next quarterly deadline on January 31, 2023, and the quarterly deadline that just passed on October 31, 2022. Penalties will be abated on these tax deposits as well.
Any tax-exempt organizations that have a 990 series deadline due to the IRS between October and January will have an extended deadline of February 15, 2023.
What is not included in the Tax Relief Measures?
There are some IRS deadlines that are not included in the postponement. Businesses in the state of Florida will not be granted automatic relief by the IRS when it comes to filing Forms W-2, 1094, 1095, 1098, and the 1099 series. These employment forms and ACA forms will still need to be filed on time unless an extension is requested and approved.
Having more time to file will definitely be a welcome relief to taxpayers that are still rebuilding their lives and businesses in the wake of Hurricane Ian. However, when it is time to file, the team at TaxBandits is here to help. Our e-filing services are simple, affordable, and secure!