Starting on February 11, 2021, the winter storms that hit Texas and other states have become global headlines. Unfortunately, The severity of the storm Insufficient infrastructure to handle the resulting demand for utilities and services, resulting in casualties and Unprecedented destruction In many communities. The IRS realized that victims could benefit from the assistance, so it extended the tax declaration and payment deadlines for some taxpayers.

In which states did small business taxpayers receive the file extension?

The U.S. Internal Revenue Service (IRS) tax application extension was initially applied to Texas. In addition, the extension applies to anyone outside of Texas that has a similar FEMA federal disaster declaration.This Internal Revenue Service (IRS) Disaster This page lists all current regions, and now includes individuals and businesses located in all 77 counties in the state Oklahoma In all 64 parishes Louisiana State.

The tax filing extension also applies to relief, charity or government workers operating in the coverage area, and any individual who travels to the coverage area when a storm strikes and causes casualties.

If your home or main place of business is affected by a winter storm but you do not live in a covered area, you are still eligible to apply for an extension if you need to be located in a covered disaster area as recorded by the tax declaration deadline. In this case, to apply for tax reduction consideration to the IRS, taxpayers should call 866-562-5227.

What is the new deadline for affected winter storm tax filers?

For the year ending December 31, 2020, the original tax declaration and payment deadlines for personal storm and business tax will no longer be the original, and winter storm tax returns are now available June 15, 2021 Submit the return and pay any money owed by the IRS. This extension applies to the tax cut-off date originally between February 8, 2021 and June 15, 2021, including personal income tax that usually expires on April 15, corporate income tax that expires on March 15, and Quarterly salary and consumption tax return.

The deadline for self-employed persons to estimate taxes in the first quarter, including estimated income tax and Self-employment tax, Has also been extended to June 15, 2021.

Does the 2021 winter storm tax application apply to individuals and businesses?

Yes it is! The extension of the U.S. Internal Revenue Service (IRS) tax deadline applies to individuals residing in the disaster-affected area and any company whose principal place of business is in the disaster-affected area.Residents of Texas, Oklahoma, or Louisiana or businesses located in these states do not need to request this extension; the IRS will automatically identify individuals and Commercial taxpayer And implement relief in these areas.

Can victims of the severe winter storm in February be exempt from tax?

In addition to extending the tax payment period, individuals in the disaster-affected area must also pay the 2020 IRA payment by June 15, 2021, which may help reduce their overall tax.

As long as these deposits are finally completed before February 23, 2021, the fines normally applied to deposits between February 8 and February 23, 2021 will also be reduced. Moreover, taxpayers in affected areas who require a copy of the previously submitted tax return can also get the fine. They did not pay the normal fees.

Finally, individuals and businesses that have suffered disaster-related losses No insurance Or after reimbursement, you can refer to the FEMA filing number to claim these losses on its 2020 tax return instead of waiting for the 2021 tax return.

Has the state and local tax deadlines for affected taxpayers also extended?

The aforementioned extension of the tax deadline and related tax relief measures are specific to federal taxation. If you or your business need to declare and pay state or local taxes, please contact these tax authorities to determine whether they have also extended the applicable period or provided tax relief.If you need guidance or assistance regarding personal or corporate income tax filing, please contact Rocket Lawyer on call_® lawyer Provide legal assistance at a reasonable price according to your needs.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm, nor is it a lawyer or a substitute for a law firm. The law is complex and changes frequently.Seek legal advice Ask a lawyer.