Taxpayers in Certain States Receive Automatic Extensions from the IRS
Many taxpayers throughout the country have been heavily affected by natural disasters. To the extent where their state was declared a disaster zone and FEMA, the Federal Emergency Management Agency was brought in for relief efforts.
The IRS is offering tax relief to these affected taxpayers as well. If you are a resident or own a business in the following states, these are the deadlines that are affected.
Which States are Affected?
Taxpayers, business owners, and tax exempt organizations from the following states are eligible for the automatic extension of relief.
Texas
Due to the damage caused by the winter storms that Texans experienced February, 2021, the IRS has extended tax relief to residents of all 254 counties.
Oklahoma
The severe winter storms in Oklahoma on February 8, 2021, caused extensive damage to homes and businesses. The IRS has also extended tax relief to residents of all 77 counties in Oklahoma.
Louisiana
Residents of Louisiana were hit hard by winter storms between February 11-19, 2021. Therefore the IRS is also extending tax relief to the residents of all 77 Louisiana parishes.
What is the Extended Deadline?
The IRS has extended the deadlines for those affected by these disasters to June 15, 2021.
What Deadlines are Affected?
There are several deadlines that have been extended, among these are the deadline for individuals to file their personal tax returns and businesses that are required to file their business income tax returns.
The deadline for making IRA contributions has also been expected. In addition, payroll and excise tax returns and estimated tax deposits made on April 15, 2021 and April 30, 2021. Tax Exempt organizations that operate on a calendar year and have a deadline falling on May 17, 2021 will also have some additional time to complete their return.
Can Residents from these States still File an Extension?
Yes, while the IRS has provided an automatic extension through June 15, 2021, taxpayers can file an extension beyond June 15, 2021. Depending on the original deadline of the form you are required to file, you can extend the original deadline up to 6 months.
Filing your Extension
Remember, if you are seeking an extension for personal income taxes, file Form 4868. If you are seeking a business tax extension, file Form 7004, and finally, tax-exempt organizations should file the Form 8868.
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