IRS Relief for Those Affected by Hurricane Ian
Taxpayers affected by Hurricane Ian now have until February 15, 2023, to file various individual and business tax returns and make certain tax payments. An affected taxpayer includes any individual whose principal residence is located in a covered disaster area and any business entity or sole proprietorship whose principal place of business is located in a covered disaster area.
A couple points of emphasis from the recent IRS guidance contained in FL 2022-19, NC 2022-10 and SC 2022-06:
- Individuals who had a valid extension to file their 2021 tax return will now have until February 15, 2023, to file.
- Tax payments related to 2021 tax returns were due on April 18, 2022. Those tax payments are not eligible for disaster relief.
- The February 15, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17, 2023 and to quarterly payroll and excise tax returns that are normally due on October 31, 2022, and January 31, 2023.
- Businesses with an original or extended due date also have additional time, including calendar-year corporations whose 2021 extensions went through October 17, 2022.
- Carey M. Heyman, CPA
- Managing Principal of Industry - Real Estate
- CliftonLarsonAllen LLP
- Century City (Los Angeles)
Carey is the Managing Principal of the Real Estate Industry at CLA. He is a trusted advisor with close to 20 years of experience providing accounting, assurance, tax, and consulting services to real estate industry owners, operators, family offices, developers and syndicators. Carey has a strong track record of helping clients build and retain capital by leveraging tax- and cost-saving strategies and employing tax credits and incentives. He also consults with high net worth individuals, large family groups, and owners of closely-held businesses on all aspects of tax planning, estate planning, and retirement planning.
[…] Earlier today, we shared information on disaster relief available to taxpayers affected by Hurricane Ian. Disaster relief is also available to those currently in the middle of Section 1031 exchange transactions. The 45-day and 180-day deadlines have been postponed for the entire states of Florida, South Carolina, and North Carolina. The start of the disaster dates are: […]