Victims Of Flooding In Missouri And Kentucky Eligible For Tax Relief
Storm victims in parts of Missouri and Kentucky who have been affected by flooding are now eligible for tax relief and as a result, have until November 15th to file their tax returns and make payments. Read on to learn more about who qualifies for disaster-related tax relief.
Designated Disaster Areas
The IRS is only offering relief to disaster victims who live or have a business in an area designated by the Federal Emergency Management Agency (FEMA) as an area requiring public assistance. For residents of Missouri, this includes those who live or work in:
- The Independent City of St. Louis;
- Charles County;
- Montgomery County; and
- Louis County.
Relief is also being offered to those who live, or own a business in any of the following counties in Kentucky:
- Pike; and
For help determining whether you or a family member could qualify for disaster-related tax relief, reach out to our legal team today.
The tax relief offered by the IRS postpones a number of tax filing and payment deadlines that occurred on or after July 26th of this year. This means that affected individuals and businesses have until November 15th to file their returns and to pay any taxes that were due during this period of time. This relief also extends to taxpayers who had a valid extension to file their 2021 returns by October 17th. However, because tax payments related to 2021 returns were due much earlier (April 18th), those tax payments won’t qualify for relief. The November 15th deadline also applies to quarterly estimated tax payments that were due on September 15th, as well as the quarterly payroll and excise tax returns that would normally need to be submitted by August 1st and August 31st respectively. Finally, penalties on payroll and excessive tax deposits due after July 25th and before August 9th will be abated, but only if the deposits were actually made by the 9th of August.
Taxpayers who have an address of record with the IRS in a designated disaster area will automatically qualify for filing and penalty relief. This means that taxpayers don’t have to contact the IRS to obtain relief. If, however, a qualifying taxpayer does mistakenly receive a late filing or late payment penalty notice from the IRS, then he or she can seek abatement of that penalty. The agency is also willing to work with those who live outside of the disaster area, but whose records are located in the affected area.
Personal Service from an Experienced Florida Tax Attorney
Florida tax attorney, CPA, and former FBI Special Agent Ronald Cutler, P.A. has been helping taxpayers with their tax-related issues for more than 50 years. We work with clients across the nation, so if you live or work in a federally declared disaster area and believe that you may qualify for tax relief, please call our office at 386-490-9949 to learn more about how we can help.