IRS extends May 17, 2021 due date for victims of Tennessee storms
TAX ALERT |
Authored by RSM US LLP
The Internal Revenue Service (IRS) issued guidance granting relief to those taxpayers affected by the Tennessee storms, straight-line winds, tornadoes and flooding. Taxpayers will have until Aug. 2, 2021, to file various individual and business tax returns and to make tax payments.
The current qualifying areas include: Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson and Wilson counties. The IRS granted this postponement of certain deadlines under its section 7508A authority for those individuals and businesses located in areas affected by a federally declared disaster. The current list of eligible localities is available and updated on the IRS disaster relief page.
The IRS will work with any taxpayer 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. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
The tax relief postpones various tax filing and payment deadlines that occurred starting on or after, March 25, 2021 and before Aug. 2, 2021. Affected individuals and businesses will have until Aug. 2, 2021, to file returns and pay any taxes that were originally due during this period. This includes the May 17 deadline for filing 2020 individual income tax returns and paying any tax due. Taxpayers also have until Aug. 2 to make 2020 IRA contributions.
The Aug. 2 deadline applies to the first quarter estimated income tax payment due on April 15, and the second quarter estimated income tax payment normally due on June 15. It also applies to the quarterly payroll and excise tax returns normally due on April 30, 2021. In addition, it applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17, 2021. Also, penalties on deposits due on or after March 25, 2021, and before April 9, 2021, will be abated as long as the tax deposits were made by April 9, 2021.
The IRS disaster relief page contains further details on other returns, payments and tax-related actions qualifying for the additional time.
This article was written by Alina Solodchikova, Evan Stone and originally appeared on 2021-05-14.
2020 RSM US LLP. All rights reserved.
The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Pugh CPAs is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Pugh CPAs can assist you, please call 865.769.0660.
Call us at 865.769.0660 or fill out the form below and we'll contact you to discuss your specific situation.