In a recent news release, the IRS announced that victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments.
The extension follows the recent disaster declaration issued by the Federal Emergency Management Agency because of the storms that closed many businesses and left many without power, heat, and water for days.
Individuals and households affected by severe winter storms that reside or have a business in all 254 Texas counties qualify for tax relief.
The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. It also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.
The June 15, 2021 deadline also applies to:
- The fourth quarter estimated tax payment due on April 15
- The quarterly payroll and excise tax returns normally due on April 30, 2021
- Tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17, 2021
Additionally, penalties on deposits due on or after February 11, 2021 and before February 26, 2021, will be dismissed if the tax deposits are made by February 26, 2021.
The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.
Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Please feel free to reach out to your RINA professional with any questions.