IRS Extends Tax Deadlines for Those Impacted by Hurricane Ian

The IRS has announced that Florida residents and businesses located within designated Federal Emergency Management Agency (FEMA) relief zones now have until February 15, 2023 to file their taxes. Accordingly, all counties within the state of Florida qualify for the newly extended due date. The postponed tax deadline includes tax filings and payments that have a due date starting September 23, 2022. The IRS will automatically provide the filing and penalty relief for any taxpayer with an address of record within a disaster area.

As part of the relief, 2021 individual income tax returns that were extended until October 17, 2022 are now due in February. However, since the 2021 tax payments were due by April 18, 2022, there will not be any late payment relief if remitted late. Furthermore, 2022 fourth quarter estimates due on January 17, 2023 are also extended to February 15, 2023.

Similarly, corporate tax filers with valid extensions through October 17, 2022 now have until February to file their returns. The relief also includes fiscal-year corporations that have due dates or extended due dates falling within the relief period.

Note that penalties for payroll taxes due on or after September 23, 2022 and before October 10, 2022, will be abated as long as the deposits are made by October 10th.

For more information on the recently extended tax deadlines as a result of Hurricane Ian, please contact Kathleen Braica, a Partner in Anchin’s Private Client Group and Leader of the Florida office, or your Anchin Relationship Partner.