Individuals and households, as well as businesses in any area designated by the Federal Emergency Management Agency (FEMA) due to last week’s hurricane will receive reprieve on tax deadlines from the Internal Revenue Service.
The IRS has postponed time limits for tax filing and payment beginning Sept. 28. Hurricane Ian victims, individuals, households and businesses, can now file and pay taxes originally due during this period through Feb. 15, 2023.
It includes the extension of the Oct. 17 deadline to file a 2021 return; however, payments related to 2021 returns, first due April 18, 2022, are not eligible for relief.
The new Feb. 15, 2023 extension applies to quarterly estimated income tax payments due Jan. 17, 2023 and quarterly payroll and excise taxes required to be paid Oct. 31 and Jan. 31, 2023.
Additional time is also allotted to tax-exempt organizations; the 2021 calendar-year return extension originally due Nov. 15 now will be expanded to Feb. 15.
Penalties on payroll and excise tax deposits due on or after Sept. 28 and before Oct. 13 will be abated as long as the deposits are made by Oct. 13, 2022.
More information on the announcement can be found here.
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