Individuals and households affected by the severe winter storms that reside or have a business in all 254 Texas counties qualify for tax relief following the recent disaster declaration issued by FEMA. The declaration allows the IRS to postpone certain tax filing and payment deadlines for taxpayers who reside or have a business in the disaster area.
Certain deadlines falling on or after Feb. 11 and before June 15 are postponed through June 15. That includes various 2020 business tax returns due on March 15 and 2020 individual and business returns due on April 15. Taxpayers in the affected area also have until June 15 to make 2020 IRA contributions, the IRS said.
The IRS said the June 15 deadline applies to the first quarter estimated tax payment due on April 15, as well as to the quarterly payroll and excise tax returns normally due on April 30. Additionally, it applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.
Penalties on deposits due on or after Feb. 11 and before Feb. 26 will also be abated as long as the tax deposits were made by Feb. 26, the IRS said.
If you are an affected taxpayer and you receive a late filing or late payment penalty notice from the IRS that has an original or extended due date that falls within the postponement period, call the phone number on the notice to have the IRS abate the penalty.
The IRS said it automatically identifies taxpayers located in the covered disaster area and applies the filing and payment relief. But if you're an affected taxpayer who resides or has a business located outside the disaster area, you should call the IRS disaster hotline at 866-562-5227 to request this tax relief.
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