The Internal Revenue Service (IRS) has announced that victims of storms in Tennessee now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments. This relief applies to any area designated by the Federal Emergency Management Agency (FEMA) due to tornadoes, severe storms, and straight-line winds that occurred starting on March 31.
Affected individuals and businesses in Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton, and Wayne counties qualify for tax relief. Other areas added to the disaster area list later will also be eligible. The current list of eligible localities is available on the disaster relief page on IRS.gov.
The tax relief postpones tax filing and payment deadlines that occurred from March 31, 2023, onwards. As a result, those affected will have until July 31, 2023, to file returns and pay taxes originally due during this period. This includes the 2022 individual income tax returns and various business returns due on April 18, 2023. The extension also applies to the quarterly estimated tax payments, payroll and excise tax returns, and penalties on payroll and excise tax deposits.
The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record located in the disaster area, so no contact is required to obtain relief. However, if a penalty notice is received, taxpayers should call the number on the notice to have the penalty abated.
For more information, visit DisasterAssistance.gov.
This article, “IRS Extends Tax Filing and Payment Deadline for Tennessee Storm Victims” was first published on Small Business Trends