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Florida storm victims eligible for tax relief can take advantage of extended deadlines until August 15 instead of the original April 18 deadline.

Florida Storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments, the IRS announced Tuesday, May 2.

The tax agency is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) due to tornadoes, severe storms, and flooding from April 12 to 14–individuals and households residing or owning businesses in Broward County qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. (Click here to check the current list of eligible localities via the IRS disaster relief page)

The tax relief postpones various tax filing and payment deadlines that occurred starting on April 12, 2023, and is based on an April 27 FEMA disaster declaration. As a result, affected individuals and businesses will have until August 15, 2023, to file returns and pay any taxes that were originally due during this period.

Taxpayers now have until August 15 to: 

  • File any 2022 individual income tax returns and various business returns originally due on April 18,
  • Pay any tax originally due on these returns. Taxpayers will get the extra time, even if they failed to request a tax-filing extension by April 18,
  • Make 2022 contributions to their IRAs and health savings accounts,

The August 15 deadline also applies to:

  • Quarterly estimated tax payments that are normally due on April 18 and June 15, and
  • Quarterly payroll and excise tax returns that are normally due on May 1 and July 31, 2023.

In addition, penalties on payroll and excise tax deposits due on or after April 12 and before April 27 will be abated as long as the tax deposits were made by April 27, 2023.

Affected individual taxpayers who need more time to file beyond the August 15 deadline must file their extension requests on paper using Form 4868. That’s because e-file options for requesting an extension are not available after April 18. By filing Form 4868, disaster-area taxpayers will have until October 16 to file, though tax payments are still due by August 15. 

The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, 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 falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated, or coordinate with their CPA or tax accountant. 

Please note that the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief living outside the disaster area and workers assisting the relief activities affiliated with a recognized government or philanthropic organization must contact the IRS at 866-562-5227. 

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2023 return normally filed in early 2024) or the return for the prior year (that is, the 2022 return normally filed in 2023). Be sure to write the FEMA declaration number – 4709-DR − on any return claiming a loss. See Publication 547 for details.

This tax relief for Florida storm victims is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. 

To apply for tax relief, we recommend contacting a CPA Firm that can support you preparing your online application, and offer further guidance. If you have additional questions about tax relief or any other tax related inquiry, you may contact us or click here to schedule a tax consultation with us.

Source: FICPA, IRS.

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