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Hurricane Ida affected a great number of New York residents in 2021, leading the IRS to extend the October 15 deadline to January 3, 2022. The IRS has now reevaluated the circumstances and updated the terms of relief and the extension. Affected taxpayers (TP) now have until February 15, 2022, to catch up on their 2020 tax returns. This new extension applies to both businesses and individuals. Do not think that the IRS is looking out for you. They aren't. Due to assorted circumstances (COVID, hurricanes, fires, tornados, etc.), the IRS is backlogged. As a consequence, the IRS is cutting TP;s some slack.
What else has changed for Hurricane Ida Victims?
The updated tax relief announcement now covers more regions. Louisiana, Mississippi, parts of New York, New Jersey, Connecticut, and Pennsylvania all qualify for IRS tax relief. The IRS provided a list of current eligible areas on its disaster relief page in the Around the Nation section.
The postponement to February applies to the following payment deadlines:
August 26, 2021 for Louisiana,
August 28, 2021 for Mississippi,
August 31, 2021 for Pennsylvania and
September 1, 2021 for New York, New Jersey, and Connecticut.
These new deadlines only apply to individuals and businesses that had a valid extension to file their 2020 tax return by October 15, 2021. Tax-exempt organizations, partnerships, and S corporations are included in the deadline as well.
The Disaster Assistance and Emergency Relief for Individuals and Businesses page on the IRS website provide more specific details for tax returns, payments, and other actions that qualify for the amended deadline.
Disaster areas are automatically provided filing and penalty relief. Your address must be within the disaster area for the relief to apply to you. If you receive a letter from the IRS regarding a late filing or late payment penalty or stating that you have a due payment before the new deadline, you can call the number provided to have the penalty abated.
Are your records located in a disaster area?
Even though you don’t reside in a disaster area, you may still be eligible for this tax relief extension. Your workplace, for instance, might be located within a disaster area and that could make you eligible. You should contact the IRS at 866-562-5227 to abate penalties if you are unable to access the necessary records to file. The postponement also applies to workers assisting with relief activities through philanthropic and government organizations.
Additional tax relief assistance
Do you owe tax debt from previous years that accrued penalties? While this new deadline and relief only apply to those affected by Hurricane Ida, you can still receive assistance with your case. At Flat Fee, we help our clients with their tax debt cases and compliance with the IRS. Give us a call at 866-747-7435 for a free consultation.
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