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 Davidson, Putnam and Wilson Counties in Tennessee, which were affected by severe storms, tornadoes, and flooding that began on March 3, 2020. The relief extends until July 15, 2020 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of March 3, 2020 and before July 15, 2020. This includes relief for individual income tax returns due on April 15, 2020. Taxpayers will also have until July 15, 2020 to make their 2019 IRA contributions.
For payroll and excise tax deposits due on or after March 3, 2020, the IRS will waive the failure to deposit penalties if such deposits were made by March 18, 2020.
Source: IRS News Release TN-2020-01.
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