February brought disaster upon the people of Texas through its winter storms. Luckily, victims of the Texas winter storms are getting tax relief. According to the IRS, the Federal Emergency Management Agency (FEMA) issued a declaration after the disaster that the IRS is providing relief to the entire state of Texas. This declaration postpones multiple tax filing and payment deadlines for not only Texas but also the other states impacted by the winter storms.
According to the IRS, affected individuals and businesses have until June 15, 2021 to file returns and pay any taxes under the extension. This includes 2020 individual and business returns normally due on April 15, the multiple 2020 business returns due on March 15, and 2020 IRA contributions. The new deadline will also apply to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns due on April 30. Tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due May 15 will also use the new deadline.
If you want more information on the deadline extension affects, please contact Lakeesha Browne, CPA. This information was brought to you by the IRS.
“Victims of Texas Winter Storms Get Deadline Extensions and Other Tax Relief.” IRS, 22 Feb. 2021, https://www.irs.gov/newsroom/victims-of-texas-winter-storms-get-deadline-extensions-and-other-tax-relief
Accessed 24 Feb. 2021.