IRS extends tax deadline for Florida hurricane victims

Strong storms and tornadoes that occurred between April 12 and April 14 caused heavy rain and flooding in areas of South Florida, leaving Broward County in a state of disaster. If you’ve been affected by these storms, we want you to know TurboTax is here for you and we want to let you know about important tax benefits that can help you in this time of need.

The Federal Emergency Management Agency (FEMA) has declared the recent events a disaster, and the IRS has announced that Florida hurricane victims have until August 15, 2023 to file various individual and business tax returns and pay certain taxes. Currently, tax credits are available in any area designated by FEMA. This means that individuals and families who live or have a business in Broward County qualify for tax credits. Taxpayers in FEMA-designated hurricane-affected areas will automatically receive the same filing and payment benefit. A current list of eligible locations is available on IRS.gov’s Disaster Assistance page.

What are the extended tax and payment deadlines in Florida?

The tax credit extends various tax filing and payment deadlines beginning April 12, 2023, based on FEMA’s April 27 disaster declaration. As a result, affected individuals and households who live or do business in Broward County have until August 15, 2023 to file a return and pay any taxes that were originally due during that period. They include:

2022 Individual and Business Returns: 2022 individual tax returns and payments due on April 18, 2023, as well as 2022 miscellaneous business returns with payments, have been extended to August 15, 2023.

IRA 2022 Contribution: Affected taxpayers will have until August 15, 2023 to make 2022 IRA contributions to affect their 2022 taxes.

Quarterly estimated tax payment: Quarterly estimated payments typically due April 18, 2023 and June 15, 2023 have been extended to August 15, 2023.

Quarterly payroll and excise declaration: Quarterly payroll and excise tax returns, normally due on 1 May and 31 July 2023, have also been extended to 15 August 2023. In addition, penalties on payroll and excise duty deposits due on or after April 12 and before April 27, 2023. , will be reduced as long as tax deposits are made by April 27, 2023.

What should I do to request a tax extension?

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address located in a disaster area. Taxpayers do not need to contact the IRS to receive this benefit. 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 payment due date that falls within the grace period, the taxpayer must call the number listed on the notice to determine the penalty. decreased.

A current list of eligible locations is always available on the Disaster Assistance page on IRS.gov.

Some affected taxpayers may find that they need more time to file beyond the August 15 deadline and must file extension requests on paper, as no e-file options are available for extension requests after April 18.

Do contiguous areas outside of Indiana Do you qualify for an extension?

The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet the deadline that occurs during the deferral period are located in the affected area. Taxpayers who qualify for benefits who live outside the disaster area should contact the IRS at 866-562-5227. This also includes relief workers affiliated with a recognized government or philanthropic organization.

How can I claim casualty and property damage on my taxes if this affects me?

Individuals or businesses that have suffered uninsured or compensable catastrophe losses can choose to claim them either on their tax return for the year the loss occurred (a 2023 return is usually filed the following year in this case) or the loss can be deducted on their tax return. For the previous year (2022, usually filed for this tax season). Individuals may also deduct personal property losses that are not covered by insurance or other indemnity.

Be sure to file the following FEMA return number on any return claiming damage:

The tax credit is part of a coordinated federal response to severe storm damage and is based on local damage assessments by FEMA. For disaster recovery information, visit disasterassistance.gov. If you are not a victim but are trying to help those in need, this is a great opportunity to donate or volunteer your time to legitimate 501(c)(3) non-profit charities providing hurricane relief. victim.

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IRS announces tax relief for Indiana hurricane victims

Katharina Reekmans is an enrolled agent and contributor to the TurboTax blog team. Katarina has many years of experience in tax preparation and representation at the IRS. His passions surround financial literature and interpreting tax law. He has a strong commitment to use all resources and knowledge to best serve the interests of clients. Katrina worked as a senior tax accountant, operations manager and controller. Katrina prides herself on explaining tax laws so that the average person can understand them. More from Katharina Reekmans