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Florida Residents May be Entitled to Tax Relief

Victims of recent storms in Florida now have until August 15 to file various federal individual and business returns and make tax payments. The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. Taxpayers would get the extra time even if they did not request an extension. They will also have until August 15 to make 2022 contributions to their IRAs and health savings accounts.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside or have a business in Broward County qualify. Other areas may be added later. Here is a list of current, eligible localities for disaster relief.

The August deadline applies to the quarterly estimated tax payments, usually due on April 18 and June 15, and to quarterly payroll and excise tax returns, usually due on May 1 and July 31 of this year. Penalties on payroll and excise tax deposits due on or after April 12 and before April 27 will be abated as long as the tax deposits were made by April 27.

The IRS disaster relief page has details regarding other returns, payments, and tax-related actions qualifying for the additional time.

Affected individual taxpayers who need time to file beyond the August 15 deadline must file their extension requests using Form 4868. By filing this form, disaster-area taxpayers will have until October 16 to file, though tax payments are still due by August 15.

The IRS will work with any taxpayer who lives outside the disaster area as well. Taxpayers qualifying for relief living outside the disaster area must contact the IRS at (866) 562-5227.

Individuals and businesses in a federally-declared disaster area may also claim disaster-related losses. Specific requirements may need to be met.

Contact Me

If a Florida storm has directly affected you, your business, or your property, give C&B a call, or email me.

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