Hurricane Ian Tax Deadlines Extended
TAX DEADLINES EXTENDED FOR FLORIDA, NORTH CAROLINA & SOUTH CAROLINA TAXPAYERS
IRS has issued News Release 2022-168 which provides relief for businesses and individuals residing in the State of Florida affected by Hurricane Ian by extending certain tax deadlines falling between September 23, 2022 and before February 15, 2023.
IRS also issued News Release 2022-173 which provides relief for businesses and individuals residing in North Carolina and South Carolina affected by Hurricane Ian by extending certain tax deadlines falling between September 25, 2022 and before February 15, 2023.
Individual income tax return deadline
Individuals with a valid extension to file their 2021 return by October 17, 2022 have until February 15, 2023 to file. However, IRS notes that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief.
Estimated tax payments
Quarterly estimated tax payments due on January 17, 2023 have also been extended to February 15, 2023.
FinCen
Reports of Foreign Bank and Financial Accounts (FBARs) for calendar year 2021 which would otherwise be due on October 15, 2022 are now extended until February 15, 2023 for those residing within Florida, North Carolina or South Carolina.
Business income tax return deadline
Businesses with an original or extended due date also have additional time including, among others, calendar-year corporations whose 2021 extensions run out on October 17, 2022. Similarly, tax-exempt organizations also have additional time, including for 2021 calendar-year returns with extensions due to run out on November 15, 2022.
The Florida Department of Revenue has also extended the due dates for Florida corporations required to file corporate income tax returns. Florida corporate returns with original or extended due dates between September 23, 2022 and March 1, 2023 now have until March 2, 2023 to file. Any estimated tax payments due between those dates are also extended until March 2, 2023.
Quarterly payroll and excise tax returns
Quarterly payroll and excise tax returns which would normally be due October 31, 2022 and January 31, 2023 are also extended to February 15, 2023. Payroll tax deposits are not extended. IRS will only grant abatement for late payroll tax deposits if deposits due on or after September 23rd and before October 10th are made by October 10, 2022.
The IRS will work with any taxpayer who lives outside the disaster areas, but whose records necessary to meet a deadline occurring during the postponement period are located in the affected areas. Any taxpayers affected by Ian who live outside the disaster areas should contact IRS at 866-562-5227. Anyone with an address within the disaster areas is automatically extended and does not need to contact IRS.
Casualty Losses
Individuals and businesses within these federally declared disaster areas may be eligible to claim a casualty loss for unreimbursed disaster-related losses. These losses can be claimed on a 2021 or 2022 tax return. Please keep detailed records and receipts for any repairs done due to the hurricane as well as any insurance claims reports.
Please contact us if you have any questions or need assistance with your taxes.