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 Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall counties in Mississippi, Bradley and Hamilton counties in Tennessee, and Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee, Orangeburg and Pickens counties in South Carolina, which were affected by tornadoes, severe storms, and flooding that began on April 12, 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 April 12, 2020, and before April 1, 2020. This includes 2019 individual and business returns that, due to COVID-19, were due on July 15. 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 April 12, 2020 and before April 27, 2020 will be abated as long as the deposits were made by April 27, 2020.
Source: IRS News Release IR-2020-126.
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