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The Internal Revenue Service (IRS) recently announced victims of Hurricane Ida in Louisiana will have until Jan. 3, 2022, to file their individual and business tax returns, as well as make tax payments. The hurricane began on Aug. 26, 2021, and soon after was declared a disaster by the Federal Emergency Management Agency (FEMA). FEMA’s declaration permitted the IRS to postpone tax filing and payment deadlines for individuals residing or having a business anywhere within the “disaster area,” Louisiana.
Individuals with a valid extension to file their 2020 returns by Oct. 15, 2021, will now have until Jan. 3, 2022, to file. The January 3 deadline also applies to the quarterly estimated tax payment coming due on September 15, along with the November 1 quarterly payroll and excise tax returns. Additionally, the relief applies to tax-exempt organizations operating on a calendar year that have a previous extension set to run out on Nov. 15, 2021. Penalties on tax deposits due between Aug. 26, 2021, and Sept. 10, 2021, will be automatically subsided if the deposits were made by September 10.
Impacted taxpayers receiving a late filing or payment penalty notice from the IRS with an original or extended filing, deposit or payment date within the Jan. 3, 2022, extension should call the phone number on the notice so the IRS can abate it.
Taxpayers within the covered disaster area will automatically receive the filing and payment relief – there’s no need to reach out to the IRS. However, affected taxpayers who reside or have a business located outside of the covered area are advised to call the IRS disaster hotline (866-562-5227) to request tax relief.
With the devastation left behind by Hurricane Ida and more hurricanes predicted by national weather experts, business owners should take a proactive approach to disaster planning. In the event you need to file future insurance claims or rebuild after the storm, consider these helpful disaster planning tips.
If you have questions about filing or paying your individual or business taxes within the new extension period, contact Doeren Mayhew’s tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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