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 covering the state of Louisiana, which were affected by Hurricane Ida that began August 26, 2021. The relief extends until January 3, 2022 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of August 26, 2021, and before January 3, 2022. This means that individuals who had a valid extension to file their 2020 returns, due to run out on October 15, will now have until January 3, 2022 to file.
The January 3, 2022 deadline applies to the quarterly estimated tax payment, normally due on September 15, and the quarterly payroll and excise tax returns normally due on November 1, 2021. Also, penalties on deposits due on or after August 26, 2021, and before September 10, 2021, will be abated as long as the tax deposits were made by September 10, 2021.
The IRS explains that this relief granted to Louisiana is due to the state being designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Taxpayers in Hurricane Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief if and when FEMA provides the designation. Taxpayers can consult the disaster relief page on IRS.gov. for updates.
Source: IRS News Release LA-2021-04 and IRS News Release IR-2021-175.
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