The IRS announced yesterday that victims of Hurricane Ian in Florida now have until February 15, 2023, to file various individual and business tax returns and make certain tax payments. Individuals and households affected by Hurricane Ian that reside or have a business anywhere in the state of Florida qualify for tax relief.
Affected Taxpayers:
Taxpayers considered “affected taxpayers” eligible for the postponement of time to file returns, pay taxes, and perform other time-sensitive acts include individuals who live in Florida and businesses (including tax-exempt organizations) whose principal place of business is in Florida. Taxpayers not in Florida, but whose records are there and necessary to meet various deadlines for filing and paying taxes are also entitled to relief. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. However, affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request relief.
Tax Relief:
In general, the IRS gives affected taxpayers until February 15, 2023, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns). The relief includes the following filing and payment deadlines falling on or after September 23, 2022, and before February 15, 2023.
- Individuals who had a valid extension to file their 2021 return due to expire on October 17, 2022, now have until February 15, 2023, to file. However, because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for relief.
- Quarterly estimated tax payments normally due on or after September 23, 2022, and before February 15, 2023 (e.g., 4th quarter payments due on January 17, 2023), are now due February 15, 2023.
- Quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023, are now due February 15, 2023.
- Penalties on payroll and excise tax deposits due on or after September 23, 2022, and before October 10, 2022, will be abated as long as the tax deposits are made by October 10, 2022.
- Businesses with an original or extended due date on or after September 23, 2022, and before February 15, 2023, including calendar year corporations whose 2021 extensions expire on October 17, 2022, now have until February 15, 2023 to file.
- Trusts and Estates with an original or extended due date on or after September 23, 2022, and before February 15, 2023, including Trusts and calendar year Estates with a valid extension to file their 2021 return due to expire on September 30, 2022, now have until February 15, 2023 to file.
- Form 5500 series returns that were required to be filed on or after September 15, 2022, and before February 15, 2023, are postponed through February 15, 2023, in the manner described in section 8 of Rev. Proc. 2018-58.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment, or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
Additional information is available in the IRS Announcement.
We will continue to monitor the situation and provide clarification as needed. Please reach out to a member of the HBK Tax Advisory Group with any questions.
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