Business IRS Gives New York Storm Victims Extension Until May...

IRS Gives New York Storm Victims Extension Until May 15, Tax Rebate

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The IRS has given New York winter storm and blizzard victims until May 15, 2023, to file several federal individual and business tax returns and make tax payments. The exemption applies to any area designated by FEMA due to storms that occurred between December 23 and December 28, 2022. This means that individuals and households residing or operating a business in Erie, Genesee, Niagara, St. Lawrence, and Suffolk counties are eligible for tax credits. Other areas that were later added to the disaster area also qualify for the same reception. The current list of eligible places is always available on the disaster relief page on IRS.gov.

The tax credit postpones several tax filing and payment deadlines that occurred from December 23, 2022. As a result, affected individuals and businesses have until May 15, 2023 to file and pay any taxes originally due during this period. . This includes the 2022 individual income tax returns due April 18, as well as several 2022 business returns that are normally due March 15 and April 18. health savings accounts.

In addition, farmers who choose to waive estimated tax payments and normally file their returns before March 1, now have until May 15, 2023 to file their 2022 returns and pay any tax due. The deadline of May 15, 2023 also applies to the quarterly estimated tax payments, normally due on January 17, 2023 and April 18, 2023. This means that individual taxpayers can skip the estimated fourth quarter tax payment, normally due on January. 17, 2023, and instead add it to the 2022 return they file on or before May 15.

The May 15 deadline also applies to the quarterly payroll and excise tax return that is normally due on January 31 and April 30, 2023. January 9, 2023, will be reduced as long as the tax payments are made before January 9, 2023. The IRS emergency assistance page includes details of other returns, payments, and tax-related actions that qualify for the extra time.

Some affected taxpayers may find they need more time to file after the May 15 deadline. If so, the IRS is urging them to apply for the extra time electronically before the original April 18 deadline. Two free and easy ways to do this are through IRS Free File or IRS Direct Pay, both available only on IRS.gov.

After April 18 and before May 15, taxpayers in disaster areas can only submit their extension requests on paper. The IRS automatically provides filing and fine reductions to any taxpayer with a registered IRS address in the disaster area. Therefore, taxpayers do not need to contact the agency to get this exemption. However, if an affected taxpayer receives a late filing or late payment penalty from the IRS with an original or extended filing, payment, or deposit date that falls within the deferral period, the taxpayer must call the number on the notice to obtain the penalty. get taken off.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records needed to meet a deadline that occurs during the grace period are in the affected area. Taxpayers who are eligible for assistance and live outside the disaster area should contact the IRS at 866-562-5227. This includes aid workers who are affiliated with the aid service and who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who have suffered uninsured or unreimbursed disaster-related losses can choose to claim them on the tax return for the year in which the damage occurred or on the tax return for the previous year. Be sure to include the FEMA return number – 4694-DR – on any return claiming a loss. To see Publication 547 for details.

The tax credit is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For disaster recovery information, go to disasterhelp.gov.

Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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