Updated September 14, 2021
The IRS has recently announced that victims of remnants of Hurricane Ida that began September 1, 2021, now have until January 3, 2022, to file various individual and business tax returns and make tax payments.
Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS recently announced that affected taxpayers in certain areas will receive tax relief.
Individuals and households affected by Hurricane Ida that reside or have a business in Bronx, Kings, New York, Queens, Richmond, Nassau, Suffolk, Westchester and Sullivan counties in New York as well as Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset counties in New Jersey, qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after September 1, 2021, and before January 3, 2022, are postponed through January 3, 2022.
This means that individuals who had a valid extension to file their 2020 returns, due to run out on October 15, will now have until January 3, 2022 to file. The IRS noted, however, that because tax payments related to these 2020 returns were due on May 17, 2021, any remaining 2020 payments are not eligible for this relief.
Businesses with extensions also have the additional time including, among others, calendar-year partnerships and S corporations whose 2020 extensions run out on September 15, 2021, and calendar-year “C” corporations whose 2020 extensions run out on October 15, 2021.
The January 3, 2022, deadline applies to the quarterly estimated tax payment, normally due on September 15, and to the quarterly payroll and excise tax returns normally due on November 1, 2021. It also applies to tax-exempt organizations, operating on a calendar-year basis that had a valid extension due to run out on November 15, 2021. Also, penalties on deposits due on or after September 1, 2021, and before September 16, 2021, will be abated as long as the tax deposits were made by September 16, 2021.
Please note that while New Jersey has offered additional extensions as well, New York has not offered relief as of the time of this writing.
Continue to monitor our website or the IRS website to be notified as additional counties become eligible for this relief.
For Frequently Asked Questions pertaining to this relief please visit:
Contact us for more information on how this affects your filing and payment deadlines.