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 the municipalities of Aguada, Hormigueros, Mayagüez, and Rincón in Puerto Rico, which were affected by Tropical Storm Isaias that began on July 29, 2020. The relief extends until November 30, 2020 deadlines for filing various returns, including the filing of Form 5500s, and paying taxes otherwise due during the period of July 29, 2020, and before November 30, 2020. This includes individual and business tax filers that had a valid extension to file their 2019 return due to run out on October 15, 2020. The IRS noted, however, that because tax payments related to these 2019 returns were due on July 15, 2020, those payments are not eligible for this relief.
In addition, penalties on payroll and excise tax deposits due on or after July 29, 2020 and before August 13, 2020 will be abated as long as the deposits were made by August 13, 2020.
Source: IRS News Release PR-2020-02.
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