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 Arenac, Gladwin, Iosco, Midland and Saginaw counties in Michigan, which were affected by severe storms and flooding that began on May 16, 2020. The relief extends until October 15, 2020 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of May 16, 2020, and before October 15, 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 October 15, 2020 to make 2019 IRA contributions.
In addition, penalties on payroll and excise tax deposits due on or after May 16, 2020 and before June 1, 2020 will be abated as long as the deposits were made by June 1, 2020.
Source: IRS News Release MI-2020-01.
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