Generally, the IRS will authorize disaster tax relief to all areas identified on a major disaster declaration if FEMA identifies at least one area qualifying for their Individual Assistance program.
In New York State , this relief currently includes Bronx, Kings, New York, Queens, Richmond and Westchester counties, and in New Jersey, it includes Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset counties.
As a result, affected individuals and businesses will have until Jan. 3, 2022, to file returns and pay any taxes that were originally due after September 1st 2021 and before January 3rd ,2022.
This means individuals who had a valid extension to file their 2020 return due to run out on Oct. 15, 2021, will now have until Jan. 3, 2022, to file. The IRS noted, however, that because tax payments related to these 2020 returns were due on May 17, 2021, those payments are not eligible for this relief. The Jan. 3, 2022 deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2021.
Businesses with an original or extended due date also have the additional time including, among others, calendar-year partnerships and S corporations whose 2020 extensions run out on Sept. 15, 2021 and calendar-year corporations whose 2020 extensions run out on Oct. 15, 2021. This will also include non-profits due November 15, 2021.
In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227.
We are here to clarify any questions that you may have regarding your unique tax situation. Contact your DDK Tax Advisor to find out how you might be impacted due to the above.
