Victims of the recent Hurricane Laura now have until December 31st to file individual and business tax returns and make payments.
After FEMA issued the recent disaster declaration for individual assistance, the Internal Revenue Service followed up by announcing that disaster victims in parts of Louisiana will obtain tax relief.
Citizens and households who reside or have business in Acadia, Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Ouachita, Vermillion and Vernon parishes will qualify for tax relief.
Taxpayers in areas added later to the disaster area will automatically receive the same filing and payment relief.
The declaration allows the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.
For example, deadlines falling on or after August. 22nd and before December 31st are postponed through December 31st.. This will include individual and business tax filers that had a valid extension to file their 2019 return due to run out on Oct. 15.
The IRS noted, however, that because tax payments related to these 2019 returns were due on July 15, 2020, those payments are not eligible for this relief.
The Dec. 31 deadline applies to the third quarter estimated tax payment due on Sept. 15. It also applies to the quarterly payroll and excise tax returns normally due on Nov. 2. It also applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15.
In addition, penalties on deposits due on or after Aug. 22 and before Sept. 8, will be abated as long as the tax deposits were made by Sept. 8.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.