The IRS is granting more extensions of time, this time for Hurricane Ian victims across North Carolina and South Carolina. They now have until February 15, 2023 to file various federal tax returns for individuals and businesses and make tax payments. This is similar to the relief announced last week for Ian’s victims in Florida. The IRS provides relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and families who reside or have a business anywhere in both the Carolinas and Florida are eligible for a tax exemption. The current list of eligible sites is always available on the IRS.gov disaster relief page.
The tax exemption defers several tax returns and payment deadlines that began on September 25, 2022 in South Carolina and September 28, in North Carolina. As a result, affected individuals and businesses will have until February 15, 2023 to file returns and pay any taxes that were originally owed during this period. Individuals who have a valid extension to file their return application in 2021 that will end on October 17, 2022, will now have until February 15, 2023 to file. But because tax payments related to 2021 revenue were due on April 18, 2022, those payments do not qualify for this exemption.
The February 15, 2023 deadline also applies to estimated quarterly income tax payments due on January 17, 2023 and to quarterly payroll and production tax returns normally due on October 31, 2022, and January 31, 2023. The original or extended due date also contains additional time, including That is, among others, companies with calendar year 2021 whose extensions expire on October 17, 2022. Likewise, tax-exempt organizations also have additional time, including calendar year 2021 that returns with extensions due to end November 15, 2022.
In addition, in South Carolina, penalties for payroll and indirect tax deposits due on or after September 25, 2022, and before October 11, 2022, will be eased, as long as the deposits are made by October 11, 2022. In North Carolina, penalties will be relaxed. Charged for payroll and tax deposits due on or after September 28, 2022, and before October 13, 2022, as long as the deposits were made by October 13, 2022. The IRS disaster relief page contains details about returns, other payments, and procedures for time-qualified taxes. additional.
Notably, the IRS automatically provides registration and penalty exemption for any taxpayer with an IRS registry address located in the disaster area. Therefore, taxpayers do not need to contact the agency to obtain this exemption. However, if the affected taxpayer receives a notice of a late payment penalty or late payment from the IRS that has an original or extended due date for the filing, payment, or filing that falls within the deferment period, the taxpayer must call the number on the notice to get the penalty eased.
In addition, the IRS will work with any taxpayer who lives outside the disaster area but has their records in place to meet the deadline that occurs during the deferment period in the affected area. Taxpayers who qualify for relief and who live outside the disaster area should call the IRS at 566-562-5227. This also includes workers who assist in relief activities who are affiliated with a recognized government or charitable organization.
Individuals and businesses in a federally declared disaster area who have experienced uninsured or unpaid disaster-related losses can choose to claim them either against the year in which the loss occurred (in this case, a 2022 report is usually filed next year), or back for the year Previous (2021). Be sure to write the FEMA declaration number – DR-3585-EM-SC for South Carolina or DR-3586-EM-NC for North Carolina – on any return claiming a loss. See Post 547 for details.
The tax credit is part of a coordinated federal response to the damage caused by Hurricane Ian and is based on local damage assessments by the Federal Emergency Management Agency (FEMA). For information on disaster recovery, visit kararessistance.gov.