The IRS has provided relief for victims of Hurricane Ian in Florida.
Update: Tax relief was extended to the Carolinas on October 5, 2022.
Who Qualifies?
Any individual and household affected by Hurricane Ian that resides or has a place of business anywhere in the state of Florida qualifies. In addition, if your records are kept in the disaster area, you will qualify. Relief workers affiliated with a recognized government or philanthropic organization assisting in relief activities and anyone visiting Florida who was killed or injured are all eligible for relief.
You can click here to read the full IRS press release.
The due date for many returns for victims of the hurricane is extended until February 15, 2023, for both individuals and businesses. This includes returns which otherwise would be due between September 23, 2022 – February 15, 2023 are postponed until February 15, 2023.
The February 15, 2023 Deadline Applies To:
Individual 1040 returns are included if properly extended. However, payments are still subject to penalty as those were due April 18, 2022.
This deadline also applies to quarterly estimates for individuals and entities and quarterly payroll returns due on October 31, 2022 and January 31, 2023.
Please note:
- C corporations on extension in Florida and fiscal years falling within the time frame
- Partnerships, S-corporations, trusts, estates, goods & services tax (GST), and not-for-profits that fall with the date range also qualify
Penalties for payroll and excise tax deposits due before September 23, 2022 and before October 10, 2022 are abated so long as they are paid by October 10, 2022
Since this is a federally declared disaster area, a casualty loss may be allowable and can be claimed in 2022 or 2021. If you claim this loss, be sure to put FL Hurricane Ian in bold letters on top of Form 4684. Use FEMA disaster declaration number DR-4673-FL for any return.
Questions? Contact the Chicago Tax Experts at KRD Today
If you have questions about the tax relief for victims of Hurricane Ian, please contact KRD at 847-240-1040 or fill out our online form.
