The IRS has given New York winter storm and snowstorm victims till Could 15, 2023, to file varied federal particular person and enterprise tax returns and make tax funds. The reduction applies to any space designated by FEMA because of storms that occurred between Dec. 23 and Dec. 28, 2022. Which means people and households that reside or have a enterprise in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties qualify for tax reduction. Different areas added later to the catastrophe space will even qualify for a similar reduction. The present checklist of eligible localities is at all times accessible on the catastrophe reduction web page on IRS.gov.

The tax reduction postpones varied tax submitting and fee deadlines that occurred beginning on Dec. 23, 2022. In consequence, affected people and companies can have till Could 15, 2023, to file returns and pay any taxes that had been initially due throughout this era. This consists of 2022 particular person earnings tax returns due on April 18, in addition to varied 2022 enterprise returns usually due on March 15 and April 18. Amongst different issues, which means that eligible taxpayers can have till Could 15 to make 2022 contributions to their IRAs and well being financial savings accounts.

As well as, farmers who select to forgo making estimated tax funds and usually file their returns by March 1 will now have till Could 15, 2023, to file their 2022 return and pay any tax due. The Could 15, 2023, deadline additionally applies to the quarterly estimated tax funds, usually due on Jan. 17, 2023, and April 18, 2023. Which means particular person taxpayers can skip making the fourth quarter estimated tax fee, usually due Jan. 17, 2023, and as a substitute embrace it with the 2022 return they file on or earlier than Could 15.

The Could 15 deadline additionally applies to the quarterly payroll and excise tax returns usually due on Jan. 31 and April 30, 2023. As well as, penalties on payroll and excise tax deposits due on or after Dec. 23, 2022, and earlier than Jan. 9, 2023, shall be abated so long as the tax deposits had been made by Jan. 9, 2023. The IRS catastrophe reduction web page has particulars on different returns, funds and tax-related actions qualifying for the extra time.

Some affected taxpayers could discover that they want extra time to file past the Could 15 deadline. If that’s the case, the IRS urges them to request the extra time, electronically, earlier than the unique April 18 deadline. Two free and simple methods to do that are by way of both IRS Free File or IRS Direct Pay, each accessible solely on IRS.gov.

After April 18 and earlier than Could 15, catastrophe space taxpayers can file their extension requests solely on paper. The IRS mechanically gives submitting and penalty reduction to any taxpayer with an IRS tackle of document positioned within the catastrophe space. Due to this fact, taxpayers don’t have to contact the company to get this reduction. Nonetheless, if an affected taxpayer receives a late submitting or late fee penalty discover from the IRS that has an authentic or prolonged submitting, fee or deposit due date falling throughout the postponement interval, the taxpayer ought to name the quantity on the discover to have the penalty abated.

As well as, the IRS will work with any taxpayer who lives exterior the catastrophe space however whose information vital to fulfill a deadline occurring throughout the postponement interval are positioned within the affected space. Taxpayers qualifying for reduction who stay exterior the catastrophe space have to contact the IRS at 866-562-5227. This additionally consists of employees helping the reduction actions who’re affiliated with a acknowledged authorities or philanthropic group.

People and companies in a federally declared catastrophe space who suffered uninsured or unreimbursed disaster-related losses can select to say them on both the return for the yr the loss occurred or the return for the prior yr. You should definitely write the FEMA declaration quantity – 4694-DR − on any return claiming a loss. See Publication 547 for particulars.

The tax reduction is a part of a coordinated federal response to the injury attributable to these storms and relies on native injury assessments by FEMA. For data on catastrophe restoration, go to disasterassistance.gov.