On February 22nd, the IRS announced relief for taxpayers in the entire state of Texas and for taxpayers whose records necessary to meet a deadline are in Texas. The following is a list but not the limit of the relief:
- Postponement of federal tax filing and payment deadlines starting on February 11th till June 15th which include individual, trust, business and non-profit annual income tax returns
- Postponement of all quarterly estimated tax payments starting on February 11th till June 15th which include individual 1st quarter payments which would have been due April 15th
- Postponement of 2020 IRA contribution deadline to June 15th
- Penalties on payroll and excise tax deposits due on or after February 11th and before February 26th will be abated as long as deposits are made by February 26th
- Eligibility to claim a casualty loss for uninsured or unreimbursed disaster-related losses can be claimed on your 2021 return or if losses are known, your 2020 return
- Extension to file and pay does not apply to information returns, or to employment and excise tax deposits
- Taxpayers who are under a collection or examination matter can explain how they were impacted so the IRS can provide appropriate consideration to their case
In addition to the IRS relief, disaster assistance can be provided by the SBA which provides low-interest disaster loans to help businesses and homeowners recover from the disaster.
If you have any questions on how this specifically impacts you, please call us at 713-360-0800 or reach out to your specific client lead.