By Pension and Benefits Editorial Staff
The IRS has announced tax relief for taxpayers who reside or have a business in the federal disaster areas of Davis and Salt Lake counties in Utah, which were affected by earthquake and aftershocks that began on March 18, 2020. The relief extends until July 31, 2020 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of March 18, 2020, and before July 31, 2020. This includes 2019 individual and business returns that, due to COVID-19, were due on July 15, 2020. Among other things, this also means that affected taxpayers will have until July 31, 2020 to make 2019 IRA contributions.
In addition, penalties on payroll and excise tax deposits due on or after March 18, 2020 and before April 2, 2020 will be abated as long as the deposits were made by April 2, 2020.
Source: IRS News Release UT-2020-01.
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