Victims of Hurricane Ida in components of New York and New Jersey now have till early January to file varied federal particular person and enterprise returns and make tax funds.
The reduction, similar to that supplied final week to Ida victims in Louisiana, is for any space designated by the Federal Emergency Administration Company as qualifying for particular person or public help.
In New York, this consists of Bronx, Kings, New York, Queens, Richmond and Westchester Counties. In New Jersey, it consists of Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset Counties.
The reduction postpones varied submitting and fee deadlines that occurred beginning on Sept. 1. Affected people and companies have till Jan. three to file returns and pay taxes that had been initially due throughout this era. People who had a sound extension to file their 2020 return that is because of run out on Oct. 15 even have till Jan. three to file. (As a result of tax funds associated to those 2020 returns had been due on Could 17, these funds are ineligible for this reduction.)
The Jan. three deadline additionally applies to quarterly estimated revenue tax funds due on Sept. 15 and to quarterly payroll and excise tax returns usually due on Nov. 1. It additionally applies to tax-exempt organizations, working on a calendar-year foundation, that had a sound extension as a result of run out on Nov. 15.
Companies with an authentic or prolonged due date which have the extra time embrace, amongst others, calendar-year partnerships and S corps with 2020 extensions that run out on Sept. 15 and calendar-year firms whose 2020 extensions run out on Oct. 15.
Penalties on payroll and excise tax deposits due on or after Sept. 1 and earlier than Sept. 16 can be abated so long as the deposits are made by Sept. 16.
Taxpayers in Ida-impacted localities subsequently designated by FEMA in different components of those states will robotically obtain the identical reduction. The present listing of eligible localities is at all times out there on the IRS catastrophe reduction web page. The web page additionally particulars different returns, funds and tax-related actions qualifying for the extra time.
The IRS robotically supplies submitting and penalty reduction to any taxpayer with an IRS deal with of file situated within the catastrophe space. If an affected taxpayer receives a late-filing or late-payment penalty discover from the IRS that has an authentic or prolonged submitting, fee or deposit due date falling inside the postponement interval, the taxpayer ought to name the quantity on the discover to have the penalty abated.
The IRS can even work with any taxpayer who lives exterior the catastrophe space however whose information essential to satisfy a deadline occurring through the postponement interval are situated within the affected space. Taxpayers qualifying for reduction who dwell exterior the catastrophe space must contact the IRS at (866) 562-5227.
This consists of staff 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 2021 return usually filed subsequent yr), or the return for the prior yr (2020).