Federal Tax Deadlines Postponed for Victims of Southern Storms
The IRS has announced that victims of the storms, tornadoes and flooding in certain counties of Mississippi, Tennessee, and South Carolina that are designated as federal disaster areas have additional time to file individual and business tax returns and make tax payments.
Currently, this includes Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall counties in Mississippi, Bradley and Hamilton counties in Tennessee, and Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee, Orangeburg and Pickens counties in South Carolina.
If you reside or have records necessary to meet a deadline located in the counties listed above, you have until October 15, 2020, to file returns and make payments due on or after April 12, 2020. This includes, but is not limited to, 2019 individual and business returns that, due to COVID-19, were previously postponed to July 15, 2020. It also includes 2019 IRA contributions, estimated tax payments for the third quarter normally due September 15, 2020, and quarterly payroll and excise tax returns normally due on April 30, 2020, and July 31, 2020.
Payroll tax deposits are not given an extension of time to pay, however, penalties on payroll and excise tax deposits due on or after April 12, and before April 27, will be abated as long as deposits were made by April 27.
If you reside or have records necessary to meet a deadline located in the counties, you have until October 15, 2020, to file returns and make payments due on or after April 12, 2020.
If you are in localities added later to the disaster area, you will automatically receive the same filing and payment relief. The IRS will work with anyone 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.
If you have any questions or need anything at this time, please contact your local Cherry Bekaert professionals. We were fortunate to have avoided any severe damage to our Nashville office and are available to assist our clients in any way we can. For additional information, please visit the IRS site and disaster relief site.