By Pension and Benefits Editorial Staff
The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster area of Linn county in Iowa, which were affected by the derecho storm that happened on August 10, 2020. The relief extends until December 15, 2020 deadlines for filing various returns, including filing returns and paying taxes otherwise due during the period of August 10, 2020, and before December 15, 2020. This means individuals who had a valid extension to file their 2019 return due to end on October 15, 2020, will now have until December 15, 2020, to file. 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.
In addition, penalties on payroll and excise tax deposits due on or after August 10, 2020 and before August 25, 2020 will be abated as long as the deposits were made by August 25, 2020.
Source: IRS News Release IR-2020-190.
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